Question: A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as

A company constructs a building for its own use. Construction began

A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, S530.000: March 31, $630,000: June 30, $430,000: October 30, 5690,000. To help finance construction, the company arranged a 10% construction loan on January 1 for $760,000. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 13% and 6%, respectively. Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year

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