sa & Claplel 10 (Lake lome portion) On November 1, 2013, Shalla Company contracted Pfeifer Construction Co. to construct a building for $2,220,000. Shalla made the following payments to the construction company during 2014. (12 points) January 1 -- $500,000 April 1 -- $800,000 May 31 -- $400,000 August 1 -- $400,000 December 31 -- $120,000 Pfeifer Construction completed the building, ready for occupancy, on December 31, 2014. Shalla had the following debt outstanding at December 31, 2014. Specific Construction Debt 1. 12%, 3-year note to finance purchase of land and construction of the building, dated December 31, 2013, with interest payable annually on December 31: $1,500,000 Other Debt 2. 10%, 5-year note payable, dated December 31, 2010, with interest payable annually on December 31: $800,000 3. 13%, 10-year bonds issued December 31, 2009, with interest payable annually on December 31: $600,000 a. Compute the weighted average accumulated expenditures for 2014 Date of expenditure Amount Fraction of year Wtd avg expenditure Jan. 1 Apr. 1 May 31 Aug. 1 Dec. 31 Totals b. Compute actual interest for 2014 Debt Interest Actual interest Totals