49 Interest Capitalization On January 1, 2015, the Crocus Company began construction of a new manufacturing plant. The plant was completed on December 31, 2016. Expenditures on the project were as follows (in $ millions): 4 points What is the amount of interest that Crocus should capitalize in 2015, using the average interest method? 54 January 1, 2015 $1 July 1, 2015 October 1, 2015 22 February 1, 2016 30 April 1, 2016 21 September 1, 2016 20 December 31, 2016 6 On January 1, 2015, Crocus obtained a $60 million construction loan with a 6% interest rate. The loan was outstanding through the end of December, 2016. The company's other interest-bearing debt was a long term note for $70 million with an interest rate of 8% and a bond payable for $30 million with an interest rate of 5%. The note and bond were outstanding during all of 2015 and 2016. The company's fiscal year-end is December 31 50 6 points What is the amount of interest that Crocus should capitalize in 2016, using the average interest method? Activate Windows