Question: A company constructs a building for its own use. Construction began on January 1 and ended on December 3 0 . The expenditures for construction
A company constructs a building for its own use. Construction began on January and ended on December The expenditures for construction were as follows: January $; March $; June $; October $ To help finance construction, the company arranged a construction loan on January for $ The companys other borrowings, outstanding for the whole year, consisted of a $ million loan and a $ million note with interest rates of and respectively.
Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year.
Note: Enter your answers in whole dollars and not in millions. Do not round intermediate calculations. Round your percentage answers to decimal places ie should be entered as
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