1) On 1/1/2015, company borrows $2,400,000 at 12% for 8 years to finance the new construction project. Payments are due quarterly with the first due date falling on 3/31/2015. Prepare the journal entries for each quarters payment.

2) Expenditures made on the project during 2015 are as follows: 1/1/2015 of $300,000; 5/1/2015 of $400,000; 7/1/2015 of $1,100,000; 10/1/2015 of $400,000. Journalize these capital expenditures.

3) Make the adjusting entry for capitalization of interest. Put the capitalized interest in the PP&E Subledger. Company Corp has $4,500,000 of general debt outstanding at 11% during 2015.

I have done 1 & 2, I just need help with 3!