Blossom Company is constructing a building. Construction began on January 1 and was completed on...
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Blossom Company is constructing a building. Construction began on January 1 and was completed on December 31 . Expenditures were $6300000 on March 1, $5250000 on June 1, and $7950000 on December 31. Blossom Company borrowed $3150000 on January 1 on a 5 -year, 12% note to help finance the construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $6300000 note payable and an 11%, 4-year, $11950000 note payable.
To which of the following is the balance of the building account at December 31 closest? (Round weighted-average interest rate percentage to 2 decimal places, e.g. 52.75. And final answer to 0 decimal places, e.g. 5,275.)
A. $20894694
B. $20427806
C. $19500000
D. $9240306
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