Question

Concord Corporation is constructing a building. Construction began in 2020 and the building was completed 12/31/20. Concord made payments to the construction company of $3078000 on 7/1, $6384000 on 9/1, and $5950000 on 12/31. Weighted-average accumulated expenditures were

Answer 1

Answer:

$3,667,000

Explanation:

Calculation for Weighted-average accumulated expenditures

Weighted-average accumulated expenditures =($3,078,000 × 6/12) + ( $6,384,000× 4/12)

Weighted-average accumulated expenditures =$1,539,000+$2,128,000

Weighted-average accumulated expenditures =$3,667,000

Therefore the Weighted-average accumulated expenditures were $3,667,000