Question: The answer is P22,661,200 . I just need the complete solution. On January 1, 2020, Pink Company had the following borrowings made for general purposes

The answer is P22,661,200. I just need the complete solution.

On January 1, 2020, Pink Company had the following borrowings made for general purposes and a part of the proceeds was used to finance the construction of a qualifying asset. Principal 12% short-term note P 40,000,000 14% bank loan (3-year) 72,000,000 16% note payable (5-year) 88,000,000 The construction started on January 1 and was completed on December 2020. How much is the interest expense for the period if the total construction expenditures of P72,000,000 happened in equal amounts for January 1, April 1, July 30, and October 1? 1

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