Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please show the calculations. Thank you :) Use the following information for questions 94 through 97. On January 2, 2015, Indian River Groves began construction
Please show the calculations. Thank you :)
Use the following information for questions 94 through 97. On January 2, 2015, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2016. Expenditures for the construction were as follows: January 2, 2015 $200,000 September 1, 2015 600,000 December 31, 2015 600,000 March 31, 2016 600,000 September 30, 2016 400,000 Indian River Groves borrowed $1,100,000 on a construction loan at 12% interest on January 2, 2015. This loan was outstanding during the construction period. The company also had $4,000,000 in 9% bonds outstanding in 2015 and 2016. 96. What were the weighted-average accumulated expenditures for 2016 by the end of the construction period? a. $390,000 b. $1,635,000 c. $1,986,000 d. $1,386,000 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started