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Arlington Company is constructing a building Construction began on January 1 and was completed on December 31 of 2016. Total costs/expenditures were $4,800,000 on March 1, $3,000,000 on June 1, and $6,000,000 on December 31. Arlington Company borrowed $2,400,000 on January 1 on a 5 year, 12% note to specifically help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $4,800,000 note payable and an 11% 4-year, $9,000,000 note payable. What are the average accumulated expenditures?

Arlington Company is constructing a building Construction began on January 1 and was completed on December 31 of 2016. Total costs/expenditures were $4,800,000 on March 1, $3,000,000 on June 1, and $6,000,000 on December 31. Arlington Company borrowed $2,400,000 on January 1 on a 5 year, 12% note to specifically help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $4,800,000 note payable and an 11% 4-year, $9,000,000 note payable. What are the average accumulated expenditures?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Arlington Company is constructing a building Construction began on January 1 and was completed on December 31 of 2016. Total costs/expenditures were $4,800,000 on March 1, $3,000,000 on June 1, and $6,000,000 on December 31. Arlington Company borrowed $2,400,000 on January 1 on a 5 year, 12% note to specifically help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $4,800,000 note payable and an 11% 4-year, $9,000,000 note payable. What are the average accumulated expenditures?
Transcribed Image Text:Arlington Company is constructing a building Construction began on January 1 and was completed on December 31 of 2016. Total costs/expenditures were $4,800,000 on March 1, $3,000,000 on June 1, and $6,000,000 on December 31. Arlington Company borrowed $2,400,000 on January 1 on a 5 year, 12% note to specifically help finance construction of the building. In addition, the company had outstanding all year a 10%, 3-year, $4,800,000 note payable and an 11% 4-year, $9,000,000 note payable. What are the average accumulated expenditures?
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