3 of 10 < > View Policies -/1 E Current Attempt in Progress On December 31, 2019. Pharoah Inc. borrowed $3,720,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $446,400, June 1. $744,000: July 1. $1,860,000: December 1. $1,860,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4,960,000 6-year, 11% note, dated December 31, 2017, Interest payable annually $1,984,000 2. March 1, 2020, expenditure included land costs of $186,000 3. Interest revenue earned in 2020 $60,760 (a) Determine the amount of interest to be capitalized in 2020 in relation June 1:5744,0 July 18+ 1, $1,860,000. The building was completed in February 2021. Additional information is provided as follows 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, Interest payable annually $4,960,000 6-year, 11% note, dated December 31, 2017, interest payable annually $1,984,000 2. March 1, 2020, expenditure included land costs of $186,000 3. Interest revenue earned in 2020 $60,760 (a) Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building The amount of interest $ eTextbook and Media List of Accounts Sam for Later Attempts: 0 of 4used Schmier