A company constructs a buliding for its owir use, Construction began on January 1 and...
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Accounting
A company constructs a buliding for its owir use, Construction began on January 1 and ended on December 30 The expenditures for construction were as follows: January 1, $530,000; March 31, $630,000; June 30,$430,000; October 30, $690,000. The compery arranged a to\% loan on January 1 for $760,000. Assume the $760,000 ioan is not specificaly lied to the construction of the builing The company's other borrowings, outstarding for the whole year, consisted of a $4 milion loan and a $6 million note with interest rates of 13% and 6%, respectlvely. Assuming the company uses the weighted-average method, calculate the anount of interest capitalized for the year. Notea Enter your answers in whole dollars and not in mililons. Do not round intermedlate calculations. Round your percentage answers to 2 decimal places (l.e, 0.1234 should be entered as 12.34% )
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