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Devon Homes Co has renovated an old warehouse and converted it into ten luxury apartments. To finance the project, it took out a loan of $100 million on 1 October 20X2. The loan carries no interest but is repayable on 30 September 20X5 at a premium of $33.10 million (the total amount to be repaid is $133.10 million). Construction began on 1 October 20X2. Three of the apartments were completed on 30 September 20X4 and the remainder were completed on 30 September 20X5. Devon Homes has a policy of capitalising borrowing costs on construction projects wherever possible. What is the total amount (in $'000) of borrowing costs that can be included in the cost of the conversion? $ ________ |