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What amount clay report as capitalized interest at dec

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Problem 1: Clay Company started construction of a new office building on January 1, 2010, and moved into the finished building on July 1, 2011. Of the building's $2,500,000 total cost, $2,000,000 was incurred in 2010 evenly throughout the year. Clay's incremental borrowing rate was 12% throughout 2010, and the total amount of interest incurred by Clay during 2010 was $102,000. What amount should Clay report as capitalized interest at December 31, 2010?

Reference no: EM132722148

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