Problem: Coronado Industries is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6408000 on March 1, $5280000 on June 1, and $8650000 on December 31. Coronado Industries borrowed $3170000 on January 1 on a 5-year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 11%, 3-year, $6350000 note payable and an 12%, 4-year, $12350000 note payable.
What are the weighted-average accumulated expenditures?
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