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Please help! On January 2, 2017 Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for
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On January 2, 2017 Indian River Groves 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 September 1, 2017 December 31, 2017 March 31, 2018 September 30, 2018 $ 600,000 1,800,000 1,800,000 1,800,000 1,200,000 Indian River Groves borrowed $3,300,000 on a construction loan at 12% interest on January 2, 2017. This loan was outstanding during the construction period. The company also had $12,000,000 in 9% bonds outstanding in 2017 and 2018. What were the weighted-average accumulated expenditures for 2018 by the end of the construction period? a $1,170,000 b. $4,905,000 c. $5,958,000 d. $4,158,000 Step by Step Solution
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