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Bonita Industries is constructing a building. Construction began on January 1 and was completed on...

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Accounting

Bonita Industries is constructing a building. Construction began on January 1 and was completed on December 31.

Expenditures were $6480000 on March 1,

$5260000 on June 1, and

$8250000 on December 31.

Bonita Industries borrowed $3180000 on January 1 on a 5-year, 12% note to help finance construction of the building.

In addition, the company had outstanding all year a 10%, 3-year, $6350000 note payable and an 11%, 4-year, $12350000 note payable. What amount of interest should be charged to expense

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