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How much is the cost of constructed building on december

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Problem 1: Liam had these loans outstanding for the year 2020: Specific Loan: $1,000,000 at 10% General Loan $20,000,000 at 12%. The company began a self-construction of a building on January 1, 2020 and was completed on December 31, 2020. The following expenditures were made during 2020: January 1: $1,000,000 July 1: $2,000,000 November 1: $3,000,000 Total: $6,000,000. How much is the cost of constructed building on December 31, 2020?

Option 1: $6,000,000
Option 2: $6,250,000
Option 3: $6,280,000
Option 4: $6,300,000

Reference no: EM132867118

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