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On January 2, 2017, Sheridan Company began construction of a new citrus processing plant. The automated plant was finished and ready for use on September
On January 2, 2017, Sheridan Company began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2018. Expenditures for the construction were as follows:
January 2, 2017 | $ 608000 |
September 1, 2017 | 1804800 |
December 31, 2017 | 1804800 |
March 31, 2018 | 1804800 |
September 30, 2018 | 1207000 |
Sheridan Company borrowed $3230000 on a construction loan at 10% interest on January 2, 2017. This loan was outstanding during the construction period. The company also had $13080000 in 7% bonds outstanding in 2017 and 2018. What were the weighted-average accumulated expenditures for 2018 by the end of the construction period?
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