1 -/5 III Question 1 of 2 View Policies Current Attempt in Progress Marin Furniture started construction of a combination office and warehouse building for its own use at an estimated cost at 4.200,000 on January 1, 2022. Marin expected to complete the building by December 31, 2022. Marin has the following debt obligations outstanding during the construction period. 1,700,000 Construction loan-8% interest, payable semiannually, issued December 31, 2021 Short-term loan-6% interest, payable monthly, and principal payable at maturity on May 30, 2023 Long-term loan-7% interest, payable on January 1 of each year. Principal payable on January 1, 2026 1.360,000 850,000 (a) Assume that Marin completed the office and warehouse building on December 31, 2022 s planned at a total cost of 4.420,000 (a) Assume that Marin completed the office and warehouse building on December 31, 2022, as planned at a total cost of 4,420,000 The following expenditures were made during the period forthis project: January 1, 850,000; April 1, 1.250,000 July 1. 1.650,000 and October 1.560,000. Excess funds from the construction loans were invested during the period and earned 18,000 of investment income. Compute the amount of borrowing costs to be capitalized for this project. (Use interest rates rounded to 2 decimal places, eg. 7.58% for computational purposes and round final answers to decimal places, eg. 5,275) Borrowing costs eTextbook and Media Sie forte Attempts: 0 of 2 used Sun Antwer tv 20