Business, 13.11.2019 22:31 deathray4035

On december 31, 2013, main inc. borrowed $5,040,000 at 13% payable annually to finance the construction of a new building. in 2014, the company made the following expenditures related to this building: march 1, $604,800; june 1, $1,008,000; july 1, $2,520,000; december 1, $2,520,000. the building was completed in february 2015. additional information is provided as follows.
1. other debt outstanding
10-year, 12% bond, december 31, 2007, interest payable annually $6,720,000
6-year, 11% note, dated december 31, 2011, interest payable annually $2,688,000
2. march 1, 2014, expenditure included land costs of $252,000
3. interest revenue earned in 2014 $82,320

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On december 31, 2013, main inc. borrowed $5,040,000 at 13% payable annually to finance the construct...

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