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What is the interest expense for the year ended December

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Question - During 2023, Yammy Bee constructed various assets at a total cost of P8,400,000. The weighted average expenditures on assets qualifying for capitalization of interest during 2023 amounted to P5,600,000. The entity had the following debt outstanding at December 31, 2023:

10%, 5 year note to finance construction of various assets, dated January 1, 2023, with interest payable annually on December 31 3,600,000

12%, 10-year bonds issued at par on December 31, 2017, with interest payable annually on December 31 4,000,000

9%, 3-year note payable, dated January 1, 2022, with interest payable annually on January 1 2,000,000

1) What is the capitalized borrowing cost for the year ended December 31, 2023?

2) What is the interest expense for the year ended December 31, 2023?

Reference no: EM132932974

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