1. Cutler, Inc., a construction company, decides to build a new computerized assembly plant. The following information is applicable to the project: a. Construction will begin January 1, 2016, and is expected to end June 30, 2017. b. Construction costs are estimated at $6.4 million . 12%, $2 million loan is obtained and will become effective on January 1, 2016. d. Cutler Industries, Inc.'s other debts are: i. 5-year, 1 190 notes payable ii,9% mortgage 4,800,000 $ 3,000,000 e. 2016 Expenditures were: i. January 1,200,000 ii. October 1,800,000 t 2017 Expenditures were: i. March 31, 20172,000,000 i May 1, 2017 1,200,000 ii. June 30, 2017 200,000 Calculate the amount to be capitalized for 2016 and 2017: h. Prepare the entry for interest 2016 a. Construction will begin January 1, 2016, and is expected to end June 30, 2017 b. Construction costs are estimated at S6.4 million. C. A 12%, $2 million loan is obtained and will become effective on January 1, 2016 d Cutler Industries, Inc.'s other debts are i, 5-year, 1 190 notes payable $ 3,000,000 ii.9% mortgage e. 2016 Expenditures were i. January 1 i. October 1 r 2017 Expenditures were 4,800,000 S1,200,000 1,800,000 i. March 31,20172,000,000 ii May 1, 2017 1,200,000 ii. June 30, 2017 200,000 Calculate the amount to be capitalized for 2016 and 2017 h. Prepare the entry for interest 2016 i. Prepare the entry for interest 2017