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On June 1, 2020, the Crocus Company began construction of a new manufacturing plant. The plant was completed on October 31, 2021. Expenditures on the project were as follows ($ in millions):
July 1, 2020 76
October 1, 2020 44
February 1, 2021 52
April 1, 2021 32
September 1, 2021 31
October 1, 2021 17
Point 1: On July 1, 2020, Crocus obtained a $92 million construction loan with a 7% interest rate. The loan was outstanding through the end of October, 2021. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 9%. This note was outstanding during all of 2020 and 2021. The company's fiscal year-end is December 31.
Question 1 : What is the amount of interest that Crocus should capitalize in 2020, using the specific interest method?
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