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What is the total cost of the constructed asset at december

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Question - During 2021, Joyce Company spend P5,000,000 in the construction of assets. The weighted average accumulated expenditures on these assets during 2021 was P3,000,000. The entity borrowed  P2,500,000 at 7.5% on January 1, 2021 for the construction. In addition to the construction loan, the entity had two other notes outstanding during the year, a P1,500,000, 10-year, 10% note payable dated October 1, 2020, and a P1,000,000, 8% note payable dated November 1, 2020. What is the total cost of the constructed asset at December 31, 2021?

Reference no: EM133139648

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