A company is constructing an asset for its own use. Construction began in $2020.$ The asset is being financed entirely with a specific new borrowing. Construction expenditures were made in $2020$ and $2021$ at the end of each quarter. The total amount of interest cost capitalized in $2021$ should be determined by applying the interest rate on the specific new borrowing to the

a$.$ Total accumulated expenditures for the asset in $2020$ and $2021$

b$.$ Average accumulated expenditures for the asset in $2020$ and $2021$

c$.$ Average expenditures for the asset in $2021$

d$.$ Total expenditures for the asset in $2021$