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Doggy Co. began construction of a new cutter for the U.S. Coast Guard on January...

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Accounting

Doggy Co. began construction of a new cutter for the U.S. Coast Guard on January 1, 20X1 and completed construction of the ship on October 31, 20X2. To finance construction, Doggy took out an $8,000,000, 2-year, 6% construction loan on February 1, 20X1. Interest on the loan was to be paid annually on the anniversary date of the loan. Doggy has no other outstanding interest-bearing debt. Doggy made the following expenditures in conjunction with this construction project:

Date Amount
2/1/20X1 $ 1,050,000
3/31/20X1 900,000
6/1/20X1 750,000
10/1/20X1 1,000,000
12/31/20X1 600,000
3/1/20X2 900,000
9/1/20X2 250,000

What is the amount of Doggys cumulative weighted average expenditures during 20X2 related to the cutter project?

Multiple Choice

$4,341,250

$5,450,000

$4,941,667

$2,966,667

THE ANSWER HAS TO BE ONE OF THE MULTIPLE CHOICE NUMBERS

Answer & Explanation Solved by verified expert
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