49. LaMidge Co. began construction on a new building on January 31, 2017. The building was constructed on land that the company had purchased for speculative purposes in 2012 for $25,000. LaMidge hired a construction contractor to whom the following payments were made: $60,000 on January 31, 2017 30,000 on May 1, 2017 24,000 on August 1, 2017 15,000 on October 31, 2017 Construction was completed on October 31, 2017. LaMidge obtained a $50,000 loan to help with the construction costs on January 31, 2017, the interest rate on the loan is 7%. LaMidge also had $500,000 of 5% bonds outstanding during all of 2017. Determine how much interest cost should be capitalized for this building for 2017 and prepare the appropriate journal entry. Be sure to show / label/ explain your work