Crane Company is constructing a building. Construction began on January 1 and was completed on...
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Crane Company is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6450000 on March 1, $5300000 on June 1, and $8350000 on December 31. Crane Company borrowed $3250000 on January 1 on a 5-year, 11% note to help finance construction of the building. In addition, the company had outstanding all year a 9%, 3-year, $6380000 note payable and an 10%, 4-year, $12250000 note payable. What are the weighted-average accumulated expenditures?
$20100000
$9910000
$8466667
$11750000
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