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On January 1, 2013, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2014.
On January 1, 2013, the company obtained a $3 million construction loan with a 12% interest rate. The loan was outstanding all of 2013 and 2014. The company's other interest-bearing debt included two long-term notes of $5,600,000 and $7,600,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2013 and 2014. Interest is paid annually on all debt. The company's fiscal year-end is December 31.
Calculate the amount of interest that Mason should capitalize in 2013 and 2014 using the weighted-average method. (Do not round intermediate calculations. Round the weighted average rate to 4 decimal places (e.g. 0.54321 to 54.32%). Enter your answers in dollars not in millions. Round your answers to the nearest dollar amount.)
What is the total cost of the building? (Do not round intermediate calculations. Round the weighted average rate to 4 decimal places (e.g. 0.54321 to 54.32%). Enter your answer in dollars not in millions. Round your answer to the nearest dollar amount.)
Calculate the amount of interest expense that will appear in the 2013 and 2014 income statements. (Do not round intermediate calculations. Round the weighted average rate to 4 decimal places (e.g. 0.54321 to 54.32%). Enter your answers in dollars not in millions. Round your answers to the nearest dollar amount.)
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