Question
Vaughn Manufacturing is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6310000 on March 1, $5300000
Vaughn Manufacturing is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6310000 on March 1, $5300000 on June 1, and $8250000 on December 31. Vaughn Manufacturing borrowed $3180000 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, $6410000 note payable and an 11%, 4-year, $12350000 note payable. What is the actual interest for Vaughn Manufacturing?
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
3rd edition
1119372933, 978-1119372936
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