Question: On June 1 , 2 0 2 3 , a company began construction of a new manufacturing plant. The plant was completed on October 3
On June a company began construction of a new manufacturing plant. The plant was completed on October Expenditures on the project were as follows $ in millions:
tableJuly October February April September October
On July the company obtained a $ million construction loan with a interest rate. The loan was outstanding through the end of October, The company's only other interestbearing debt was a longterm note for $ million with an interest rate of This note was outstanding during all of and The company's fiscal yearend is December
What is the amount of interest that should be capitalized in using the specific interest method?
Multiple Choice
$ million
$ million
$ million
None of the other answer choices are correct
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