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Hanson Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,500,000 on March 1, $1,224,000 on June 1, and $3,023,000 on December 31.

Hanson Company borrowed $1,183,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,344,000 note payable and an 11%, 4-year, $3,204,000 note payable. Compute avoidable interest for Hanson Company

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9951543

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