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Question - Venetian, Inc. decided to open a new retail outlet in a neighboring town. On January 1, 2019, Venetian took out a $400,000 construction loan and purchased the land on January 15, 2019. Construction for the new store began on March 1, 2019. The company expected to complete construction in early 2020. Information about 2019 construction expenditures and details about Venetian's debt structure are included below.
Venetian Construction Expenditures-2019
Land purchase
Jan. 15, 2019
$200,000
Payment for excavation and foundation work
Mar. 31, 2019
50,000
Payment for framing, electrical, plumbing, etc.
June 30, 2019
350,000
Payment for drywall, fixtures, etc.
Dec. 31, 2019
150,000
Venetian Debt Structure-2019
Construction loan for retail building project
Jan. 1, 2019
$400,000
6%
Note payable
Mar. 31, 2018
8%
Bond payable
Oct. 31, 2018
250,000
10%
Required - What was the total weighted average accumulated expenditure for the Venetian project? What was the weighted average interest rate on general debt (non-project specific)?
A) $379,167; 8.83%
B) $404,167; 9.00%
C) $379,167: 7.70%
D) $550,000: 8.83%
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