Reference no: EM132526953
Question - On December 31, 2009, Hurston Inc. borrowed $1,000,000 at 12% payable annually to finance the construction of a new building. In 2010, the company made the following expenditures related to this building: March 1st, $360,000; July 1st, $1,600,000; December 1st, $1,200,000. Additional information is provided as follows.
Other debt outstanding 10-year, 12% bond, December 31, 2003, interest payable annually $2,000,000
6-year, 10% note, dated December 31, 2007, interest payable annually $4,000,000
What is the weighted average accumulated expenditure?
What is the avoidable interest?
All interest are paid in cash on December 31st. Prepare the journal entry to record cash payment of interest, the capitalization of interest and the recognition of interest expense, if any, at December 31, 2010.
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