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  3. a company constructs a building for its own use. c

A company constructs a building for its own use. Construction began on January...

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Accounting

A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for
construction were as follows: January 1, $630,000; March 31,$730,000; June 30,$530,000; October 30,$990,000. The company
arranged a 8% loan on January 1 for $960,000. Assume the $960,000 loan is not specifically tied to the construction of the building.
The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest
rates of 13% and 7%, respectively.
Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year.
Note: Enter your answers in whole dollars and not in millions. Do not round intermediate calculations. Round your percentage
answers to 2 decimal places (i.e.0.1234 should be entered as 12.34%).
Answer is complete but not entirely correct.
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