Question

On January 1, 2021, Dreamworld Co. began construction of a new warehouse. The building was finished and ready for use on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 $ 321,000 September 1, 2021 $ 471,000 December 31, 2021 $ 471,000 March 31, 2022 $ 471,000 September 30, 2022 $ 321,000 Dreamworld had $5,700,000 in 10% bonds outstanding through both years. Dreamworld average accumulated expenditures for 2021 was:

Answer 1

Based on the information given Dreamworld average accumulated expenditures for 2021 was: $478,000.

Average accumulated expenditures:

January 1,2021 $321,000 x 12/12=$321,000

September 1,2021 $471,000 x 4/12 =$157,000

December 31,2021 $471,000 x 0/12 =$0

Total              $1,263,000                       $478,000

Average accumulated expenditures=$321,000+$157,000+$0

Average accumulated expenditures=$478,000

Inconclusion  Dreamworld average accumulated expenditures for 2021 was: $478,000.

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