Hanson company is constructing a building construction

Reference no: EM13594440

Hanson Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,932,000 on March 1, $1,260,000 on June 1, and $3,044,100 on December 31.Hanson Company borrowed $1,002,500 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, $2,424,000 note payable and an 11%, 4-year, $3,568,600 note payable. Compute avoidable interest for Hanson Company. Use the weighted-average interest rate for interest capitalization purposes.

Reference no: EM13594440

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