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On July 1, 2012, the Crocus Company began construction of a new manufacturing plant. The plant was completed on October 31, 2013. Expenditures on the project were as follows ($ in millions):

July 1, 2012 54
October 1,2012 22
February 1, 2013 30
April 1, 2013 21
September 1, 2013 20
October 1, 2013 6

On July 1, 2012, Crocus obtained a $70 million construction loan with a 6% interest rate. The loan was outstanding through the end of October, 2013. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 8%. This note was outstanding during all of 2012 and 2013. The company's fiscal year-end is December 31.

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  • Reference No.:- M941528

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