Tenax Therapeutics' (TENX) CEO John Kelley on Q3 2015 Results-Earnings Call Transcript.
Debit the cost of the asset and credit the loan account with the capitalized interest. In the example, debit the asset cost and credit the loan account with $50,000. The asset cost available for depreciation at the end of Year One is therefore $1,050,000. Debit the interest expense account and credit the loan account with any interest paid in excess of the interest capitalized. For example, if the total interest paid in the first year was $75,000, debit the interest expense account and credit the loan account with $75,000 minus $50,000, or $25,000.
When our youngest son was under 16, we were able to get him a debit card for his savings account. It was not a VISA debit card. I remember we had to jump through several loops to do it. I'm not sure if he was 12 or 13 when we did it. Sixteen was the magical age where he was able to get a checking account and a VISA debit card for it.