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Coronado Industries is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6350000 on March 1, $5250000 on
Coronado Industries is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6350000 on March 1, $5250000 on June 1, and $8350000 on December 31. Coronado Industries borrowed $3220000 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 $12250000 note payable. What amount of interest should be charged to expense? O $1052798 O $1986500 O $1439198 O $7829198
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