11. S1: If the qualifying asset is financed by specific borrowing, the capitalizable borrowing cost is equal to the actual borrowing cost incurred up to completion of asset minus any investment income from the temporary investment of the borrowing. S2: If the qualifying asset is financed by general borrowings, the capitalizable borrowing cost is equal to the average expenditures on the asset multiplied by the average interest rate or actual borrowing cost incurred up to completion, whichever is lower.

a. Only statement 1 is true

b. Only statement 2 is true

c. Both statements are true

d. Both statements are not true