n January 1, 2018, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The only interest-bearing debt the company had outstanding during 2018 was long-term bonds with a book value of $11,600,000 and an effective interest rate of 11%. Construction expenditures incurred during 2018 were as follows: January 1 $ 660,000 March 1 696,000 July 31 576,000 September 30 760,000 December 31 460,000 Required: Calculate the amount of interest capitalized for 2018.

$183,700

Explanation:

Calculation to determine the amount of interest capitalized for 2018.

First step is to calculate the Accumlated expenditure

DateExpenditure*Weight=Average

January 1660000*12/12=660,000

March 1696000*10/12=580,000

July 31576000*5/12=240,000

September 30760000*3/12=190,000

December 31460000*0/12=0

Accumulated expenditure=660,000+580,000+240,000+190,000

Accumulated expenditure=$1,670,000

Now let determine the amount of interest capitalized for 2018

Interest capitalized for 2018=$1,670,000*11%

Interest capitalized for 2018=$183,700

Therefore the amount of interest capitalized for 2018 is $183,700

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