5/14 answered Due today at 5:10 pm Problem 4: Interest capitalization self-constructed asset On February 1, 2017, Bloomington Inc. borrowed $2,000,000 at 12% payable annually to finance the construction of a new building. In 2017, the company made the following expenditures related to this building: March 1: $720,000; June 1: $1,200,000; July 1: $4,000,000; December 31: $3,000,000 Construction of the building was not fully completed yet on December 31st 2017 Bloomington Inc has other debt outstanding as follows: 10-year, 5% bond of $8,000,000, since December 31, 2010, interest payable annually 6-year, 10% note of $3,200,000, dated December 31, 2014, interest payable annually Required: Determine the amount of interest to be capitalized (if any) in 2017 Note: please include your final answer and your calculations in the text box. If you only include a final answer and the answer is incorrect, I will not be able to give partial points if there are no calculations in the text box