Reference no: EM132793189
Question - On January 2, 2020, Indian River Groves 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 P200,000
September 1, 2020 600,000
December 31, 2020 600,000
March 31, 2021 600,000
September 30, 2021 400,000
Indian River Groves borrowed P 1,100,000 on a construction loan at 12% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had P 4,000,000 in 9% bonds outstanding in 2020 and 2021.
Required - What were the weighted-average accumulated expenditures for 2020?
a. 533,333
b. 400,000
c. 500,000
d. 1,000,000
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