On March 1, Faye Co. began construction of a small building. Thefollowing expenditures were incurred for construction:
March 1 $ 75,000 April1 $ 74,000
May 1 180,000 June 1 270,000
July 1 100,000
The building wascompleted and occupied on July 1. To help pay for construction$50,000 was borrowed on March 1 on a 12%, three-year note payable.The only other debt outstanding during the year was a $500,000, 10%note issued two years ago.
1) Calculate the weighted-average accumulated expenditures.
2) Calculate the actual interest cost.
3) Calculate the amount of interest to be capitalized.
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