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What were the weighted-average accumulated expenditures

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Question - On January 2, 2020, Concord Corporation began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows:

January 2, 2020 $ 607000

September 1, 2020 1810800

December 31, 2020 1810800

March 31, 2021 1810800

September 30, 2021 1195000

Concord Corporation borrowed $3330000 on a construction loan at 10% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $13560000 in 7% bonds outstanding in 2020 and 2021.

Required - What were the weighted-average accumulated expenditures for 2021 by the end of the construction period?

Reference no: EM132526313

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