Reference no: EM132768148
Question: On January 1, 2019, Company X started the construction of a building for $5,500,000. The payment occurred in this order:
• January 1: $1,000,000
• March 1: $1,500,000
• June 1: $2,000,000
• September 1: $1,000,000
Company X took out an 8%, 2-year loan on January 1, 2019 to use for the building construction for $3,000,000. The company also had other debt already on its books. The first is a 5%, 5-year note dated January 1, 2018 for $5,000,000 with annual interest payments. The second is a 6%, 6-year note dated January 1, 2017 for $10,000,000 with annual interest payments.
Compute 1) the weighted average accumulated expenditures,
2) avoidable interest, and
3) actual interest. Record the journal entries on the four payment dates.
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