4. The Barlow Corporation began a two-year construction project on a new building on January 1, 2020. The following information is available:
	Capitalization period: January 1, 2020 - June 30, 2021
	Expenditures related to the construction:
	2020
	January 1		$ 550,000
	March 1		650,000
	September 1		750,000
	December 1		450,000
	2021
	January 30		$ 350,000
	June 1		250,000
	Amounts borrowed and outstanding:
	$ 1,000,000	at 8% borrowed specifically for the project
	$ 8,000,000	at 5.5%
	$ 7,000,000	at 8.5%
Prepare the journal entries to record the interest capitalization for 2020 and 2021, respectively.
(For interest calculations, use 2 decimal points)