... project’s completion on Dec 31, 2 011 : Other general debt existing on Jan 1, 2 011 : $500,000, 14 %, 10 -year bonds payable $300,000, 10 %, 5-year note payable 10 -19 LO Describe the accounting problems associated ... during 2 011 : January Land Building (or CIP) Cash 10 0,000 11 0,000 Building Cash 300,000 Building Cash 540,000 Building Cash 450,000 210 ,000 March 300,000 May 540,000 December 31 450,000 10 -30 LO ... from Jan 1, 2 011 through Dec 31, 2 011 , because expenditures are being made and interest costs are being incurred during this period while construction is taking place 10 -20 LO Describe the accounting...