Construction starts on 3/1/06 and ends on 10/1/07. Expenditures on the project: 4/1/06: $2,300,000 ...
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Accounting
Construction starts on 3/1/06 and ends on 10/1/07. Expenditures on the project:
4/1/06: $2,300,000
6/30/06: $1,800,000
10/1/06: $600,000
4/30/07: $585,000
8/31/07: $900,000
Company has a construction loan of $2,500,000 outstanding during 2006 and 2007. Interest rate on this loan is 10%. Company also had long term loans of $4,000,000 and $6,000,000 with interest rates of 6% and 8% respectively during 2006 and 2007 (payable 12/31).
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