Question: Current Attempt in Progress Sheridan Company is constructing a building Construction began on January 1 and was completed on December 31 Expenditures were $6370000

Current Attempt in Progress Sheridan Company is constructing a building Construction began

Current Attempt in Progress Sheridan Company is constructing a building Construction began on January 1 and was completed on December 31 Expenditures were $6370000 on March 1, $5250000 on June 1, and $7950000 on December 31. Sheridan Company borrowed $3210000 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, $6450000 note payable and an 11%, 4-year, $12950000 note payable What is the actual interest for Sheridan Company? O $2061500 O $935861 O $2454700 O $2490010

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