Question

Oriole Company is constructing a building.

Construction began on January 1 and was completed on December 31. Expenditures were $6320000 on March 1, $5350000 on June 1, and $8450000 on December 31. Oriole Company borrowed $3240000 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, $6380000 note payable and an 11%, 4-year, $12450000 note payable.

What is the actual interest for Oriole Company?

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