Question

On January 2, 2020, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows: January 2, 2020 $ 600,000 September 1, 2020 1,800,000 December 31, 2020 1,800,000 March 31, 2021 1,800,000 September 30, 2021 1,200,000 Indian River Groves borrowed $3,300,000 on a construction loan at 12% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $12,000,000 in 9% bonds outstanding in 2020 and 2021. What were the weighted-average accumulated expenditures for 2021 by the end of the construction period?

Answer 1

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