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Find the amount of interest that should be capitalized

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Question - During 2020, Glass Corporation constructed assets costing $1,000,000. The weighted-average accumulated expenditures on these assets during 2020 was $600,000. To help pay for construction, $440,000 was borrowed at 10% on January 1, 2020, and funds not needed for construction were temporarily invested in short-term securities, yielding $9,000 in interest revenue. Other than the construction funds borrowed, the only other debt outstanding during the year was a $500,000, 10-year, 9% note payable dated January 1, 2009. Find the amount of interest that should be capitalized by Glass during 2020?

Reference no: EM133074550

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