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Pronghorn Company is const M

Pronghorn Company is const M

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Attempt in Progress Pronghorn Company is constructing a building Construction began on February 1 and was completed on December 31. Expenditures were $2,016,000 on March 1, $1.296,000 on June 1, and $3,041,650 on December 31. Pronghom Company borrowed $1,115,400 on March 100 a 5-year, 13% note to help finance construction of the building in addition, the company had outstanding all year a 9%, 5-year. $2.469.300 note payable and an 2006, 4-year $3,155,500 note payable Compute the weighted average interest rate used for interest capitalization purposes (Round answer to 2 decimal places, eg. 7.58%) Weighted average interest rate
Transcribed Image Text:Current Attempt in Progress Pronghorn Company is constructing a building Construction began on February 1 and was completed on December 31. Expenditures were $2,016,000 on March 1, $1.296,000 on June 1, and $3,041,650 on December 31. Pronghom Company borrowed $1,115,400 on March 100 a 5-year, 13% note to help finance construction of the building in addition, the company had outstanding all year a 9%, 5-year. $2.469.300 note payable and an 2006, 4-year $3,155,500 note payable Compute the weighted average interest rate used for interest capitalization purposes (Round answer to 2 decimal places, eg. 7.58%) Weighted average interest rate
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