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I just need help with what i got wrong, i tried putting in the bond information first & that was also wrong. On January 1,
I just need help with what i got wrong, i tried putting in the bond information first & that was also wrong. On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,500,000 at 10% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $8,000,000, 15% bonds $2,000,000, 10% long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $ 660,000 1,260,000 872,000 660,000 460,000 Required: Calculate the amount of interest capitalized for 2018 using the specific interest method. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).) Answer is complete but not entirely correct. Date January 1 March 31 June 30 September 30 December 31 Accumulated expenditure Expenditure $ 660,000 x 1,260,000x 872,000x 660,000x 460,000 X $ 3,912,000 Weight 12/12 9/12 6/12 3/12 0/12 Average 660,000 945,000 436,000 165,000 0 $ 2,206,000 Average Interest Rate Capitalized Interest Average accumulated expenditures Other loans (not construction) Construction loan $ 2,206,000 2,000,000 $ 1,500,000 x $ 10.0 10.0 % % 200,000 150,000 350,000 $
I just need help with what i got wrong, i tried putting in the bond information first & that was also wrong.
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