Sheridan Company is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6380000 on March 1, $5350000 on June 1, and $8150000 on December 31. Sheridan Company borrowed $3250000 on January 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $6360000 note payable and an 11%, 4-year, $12450000 note payable. What amount of interest should be charged to expense? $2007500 $1452512 $7812512 $1062512 Sheridan Company is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6380000 on March 1, $5350000 on June 1, and $8150000 on December 31. Sheridan Company borrowed $3250000 on January 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $6360000 note payable and an 11%, 4-year, $12450000 note payable. What amount of interest should be charged to expense? $2007500 $1452512 $7812512 $1062512