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Rufina [12.5K]
3 years ago
11

Sheridan Company is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were

$6390000 on March 1, $5350000 on June 1, and $8650000 on December 31. Sheridan Company borrowed $3160000 on January 1 on a 5-year, 14% note to help finance construction of the building. In addition, the company had outstanding all year a 12%, 3-year, $6380000 note payable and an 13%, 4-year, $12450000 note payable. What is the weighted-average interest rate used for interest capitalization purposes

Business
1 answer:
kvasek [131]3 years ago
6 0

Answer:

$1,511,642.50

Explanation:

Kindly check attached picture for detailed explanation

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