Question
Hawkins Corporation began construction of a motel on March 31, 2021. The project was completed on April 30, 2022. No new loans were required to
Hawkins Corporation began construction of a motel on March 31, 2021. The project was completed on April 30, 2022. No new loans were required to fund construction. Hawkins does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $4,200,000, 6% note $17,480,000, 10% bonds Construction expenditures incurred were as follows:
March 31, 2021 | $ | 4,180,000 | |
June 30, 2021 | 6,180,000 | ||
November 30, 2021 | 1,836,000 | ||
February 28, 2022 | 3,180,000 | ||
The companys fiscal year-end is December 31.
Please help, my work in excel is there to show you how my percentage and multiplication is not giving me an answer the system wants.
\begin{tabular}{|r|r|} \hline 4,200,000 & 6% \\ \hline 17,480,000 & 10% \\ \hline & \\ \hline & \\ \hline 312021 & 4,180,000 \\ \hline 302021 & 6,180,000 \\ \hline mber 302021 & 1,836,000 \\ \hline uary 28,2022 & 3,180,000 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline March 312021 & 4,180,000 \\ \hline June 302021 & 6,180,000 \\ \hline November 30 2021 & 1,836,000 \\ \hline Febfruary 28, 2022 & 3,180,000 \\ \hline & \\ \hline & 2021 & \\ \hline Amount of Intrest & 588,689 & 2022 \\ \hline \end{tabular} Weightedaverageinterstrateforcapit0.092321,680,0009.2259.23% Hawkins Corporation began construction of a motel on March 31, 2021. The project was completed on April 30, 2022. No new loans were required to fund construction. Hawkins does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $4,200,000,6% note $17,480,000,10% bonds Construction expenditures incurred were as follows: The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2021 and 2022 . (Round weighted average interest rate to 2 decimal places and final answers to the nearest whole dollar.)
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