Swifty Corporation is constructing a building. Construction began on January 1 and was completed on...
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Swifty Corporation is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6480000 on March 1, $5310000 on June 1, and $8350000 on December 31. Swifty Corporation borrowed $3200000 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, $6390000 note payable and an 11%, 4-year, $11950000 note payable. What amount of interest should be charged to expense?
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