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Question - On June 1, 2017, the Refract Company began construction of a new manufacturing plant. The plant was completed on October 31, 2018. Expenditures on the project were as follows ($ in millions):
July 1, 2017 54
October 1, 2017 22
February 1, 2018 30
April 1, 2018 21
September 1, 2018 20
October 1, 2018 6
On July 1, 2017, Refract obtained a $70 million construction loan with a 6% interest rate. The loan was outstanding through the end of October, 2018. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 8%. This note was outstanding during all of 2017 and 2018. The company's fiscal year-end is December 31. What's the amount of interest that Refract should capitalize in 2017, using the specific interest method?
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