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Use the Following Information to Answer Questions

question 97

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Use the following information to answer questions
Arlington Company is constructing a building.Construction began on January 1 and was completed on December 31.Expenditures were $2,400,000 on March 1, $1,980,000 on June 1, and $3,000,000 on December 31.Arlington Company borrowed $1,200,000 on January 1 on a 5-year, 12% note to help finance construction of the building.In addition, the company had outstanding all year a 10%, 3-year, $2,400,000 note payable and an 11%, 4-year, $4,500,000 note payable.
-4.During 2011, Churchill Inc.constructed assets costing £4,200,000.The weighted-average accumulated expenditures on these assets during the year was £2,600,000.Churchill took out a construction loan of £4,000,000 was borrowed at 7% on January 1, 2011, and funds not needed for construction were temporarily invested in short-term securities, yielding £30,000 in interest revenue.Other than the construction loan, the only other debt outstanding during the year was a £2,000,000, 5-year, 9% note payable dated January 1, 2007.What is the amount of interest that should be capitalized by Churchill during 2011?

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Definitions:

Act of Aggression

Behavior aimed at causing harm or intimidation towards others, either physically or psychologically.

Fundamental Attribution Error

The tendency to overestimate the effect of personality or disposition and underestimate the effect of the situation in explaining the behavior of others.

Unmotivated

Lacking the desire or willingness to take action or engage in activities.

Social Function

The roles and contributions individuals or institutions play within a society to maintain and enforce norms and to promote cohesion and stability.