Chapter 15 Problem 15-22
Date Expenditure Months Amount
January 1 1,500,000 12 18,000,000
March 31 1,000,000 9 9,000,000
June 30 1,000,000 6 6,000,000
September 30 1,000,000 3 3,000,000
December 31 1,000,000 0 -___
5,500,000 36,000,000
Average expenditures (36,000,000 x 12) 3,000,000
Expenditures on construction 5,500,000
Interest cost (3,000,000 x 11.5%) 345,000
Total cost 5,845,000
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