Reference no: EM132493189
Question - Bonita Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,028,000 on March 1, $1,308,000 on June 1, and $3,091,450 on December 31.
Bonita Company borrowed $1,082,890 on March 1 on a 5-year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,243,100 note payable and an 11%, 4-year, $3,364,500 note payable. Compute the weighted-average interest rate used for interest capitalization purposes.
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: Bonita Company borrowed $1,082,890 on March 1 on a 5-year, 13% note to help finance construction of the building. Compute the weighted-average interest rate
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