Montgomery Industries spent $690,000 in 2023 on a construction project to build a library.
Montgomery also capitalized $34,500 of interest on the project in 2023. Montgomery financed
100% of the construction with a 10% construction loan. The project was completed on September
30, 2024. Additional expenditures in 2024 were as follows:
February 28
$ 98,100
April 30
188,100
July 1
44,100
September 30
72,100
Required:
Determine the completed cost of the library.
Note: Do not round intermediate calculations.
Completed cost of the library