On Dec 31, 2020 Laf borrowed $3,000,000 at 12% payable annually to finance construction of a new building. In 2021 the company made the following expenditures related to this building: March 1,  $360,000; June 1,  $600,000;    July 1,  $1,500,000; Dec 1,  $1,500,000. The building was completed on April 30, 2022 Other debt outstanding 10 year, $4,000,000, 13% bond, December 31, 2014, interest payable annually 6 year, 10%, $1,600,000 note dated December 31,2018, interest payable  March 1, 2021 an additional expenditure was made towards construction of $150,000 Interest revenue earned in 2021   $49,000   What is the dollar amount of weighted average costs for 2020?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On Dec 31, 2020 Laf borrowed $3,000,000 at 12% payable annually to finance construction of a new building. In 2021 the company made the following expenditures related to this building: March 1,  $360,000; June 1,  $600,000;    July 1,  $1,500,000; Dec 1,  $1,500,000. The building was completed on April 30, 2022

Other debt outstanding

10 year, $4,000,000, 13% bond, December 31, 2014, interest payable annually

6 year, 10%, $1,600,000 note dated December 31,2018, interest payable 

March 1, 2021 an additional expenditure was made towards construction of $150,000

Interest revenue earned in 2021   $49,000

 

What is the dollar amount of weighted average costs for 2020?

 

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