*540.32 (LO 2,8) (Capitalization of Borrowing Costs) In early February 2020, Huey Corp, began construction of an addition to its head office building that is expected to take 18 months to complete. The following 2020 expenditures relate to the addition: Feb. 1 Payment #1 to contractor $120,000 Mar. 1 Payment to architect 24,000 July 1 Payment #2 to contractor 60,000 Dec. 1 Payment #3 to contractor 180,000 Dec. 31 Asset carrying amount $384,000 Problems Ilmonths remaining On February 1, Huey issued a $100,000, three-year note payable at a rate of 12% to finance most of the initial payment to the contractor. No other asset-specific debt was entered into. Details of other interest bearing debt during the period are provided in the table below: non-a t sopeutu Other Debt Instruments Outstanding-2020 All Principal Amount 9%, 15-year bonds, issued May 1, 2005, matured May 1, 2020 12 $300,000 Inced dealer 79, 10-year bonds, issued June 15, 2014 12 777 how to know $300.000 1 answers please 6%, 12-year bonds, issued May 1, 2020 2008/12 capital derim pored Instructions What amount of interest should be capitalized for the fiscal year ended December 31, 2020, according to IAS 23? T-2