Sheridan Company is constructing a building. Construction began on February 1 and was completed on...
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Sheridan Company is constructing a building. Construction began on February 1 and was completed on December 31 . Expenditures were $1,872,000 on March 1, $1,272,000 on June 1 , and $3,056,400 on December 31. Sheridan Company borrowed $1,174,000 on March 1 on a 5-year, 13% note to help finance construction of the building in addition, the company had outstanding all year a 10%,5-year, $2,151,700 note payable and an 11%,4-year, $3,326,100 note payable. Compute the weighted-average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, eg. 7.58\%) Weighted-average interest rate % eTextbook and Media
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