Question
Crane company is constructing a building. Construction began on January 1 and was completed on December 31. expenditures were $64000000 on March 1, $5290000 on
Crane company is constructing a building. Construction began on January 1 and was completed on December 31. expenditures were $64000000 on March 1, $5290000 on June 1, and $8650000 on December 31. Crane company borrowed $3160000 on January 1 on a 5 year 12% note to help finance the construction of the building. In Addition, the company had outstanding all year 10%, 3 year, $6400000 note payable and an 11% 4 year $12950000 note payable. To which of the following is the balance of the building account at December 31 closest?
A. $21,280,353
B. $9,359,520
C. $20,340,000
D. $21,843,347
* PLEASE SHOW ALL STEPS TO GET THE FINAL ANSWER AND INCLUDE FORMULAS USED*
Thank you!!!
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