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Calculate the amount of interest capitalized

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Question - On January 1, 2021, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The only interest-bearing debt the company had outstanding during 2021 was long-term bonds with a book value of $10,800,000 and an effective interest rate of 11%. Construction expenditures incurred during 2021 were as follows: January 1 $580,000 March 1 648,000 July 31 528,000 September 30 680,000 December 31 380,000

Required - Calculate the amount of interest capitalized for 2021.

Reference no: EM133073347

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