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On January 1, 2021, the company obtained a $3 million loan with a 12% interest rate. The building was completed on September 30, 2022. Expenditures on the project were as follows:
January 1, 2021 $1,230,000
March 1, 2021 720,000
June 30, 2021 380,000
October 1, 2021 670,000
January 31, 2022 990,000
April 30, 2022 1,305,000
August 31, 2022 2,340,000
Required:
Problem 1. Calculate the amount of interest that Mason should capitalize in 2021 and 2022 using the weighted-average method.
Problem 2. What is the total cost of the building?
Problem 3. Calculate the amount of interest expense that will appear in the 2021 and 2022 income statements.
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