Reference no: EM133184688
Question - Elite Corporation began construction of a motel on March 31, 2021. The project was completed on April 30, 2022. New loan $1,000,000 was borrowed with 8% rate for the construction. Hawkins does have the following two interest-bearing liabilities that were outstanding throughout the construction period:
$4,000,000, 6% note
$16,000,000, 10% bonds
Construction expenditures incurred were as follows:
March 31, 2021 $4,000,000
June 30, 2021 6,000,000
November 30, 2021 1,800,000
February 28, 2022 3,000,000
The company's fiscal year-end is December 31.
Required - Calculate the amount of interest capitalized for 2022.
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