(a) X Your answer is incorrect. Situation I On January 1, 2020, Bramble, Inc. signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,455,000. It was estimated that it would take 3 years to complete the project. Also on January 1, 2020, to finance the construction cost, Bramble borrowed $4,455,000 payable in 10 annual installments of $445,500, plus interest at the rate of 10%. During 2020, Bramble made deposit and progress payments totaling $1,670,625 under the contract; the weighted-average amount of accumulated expenditures was $891,000 for the year. The excess borrowed funds were invested in short-term securities, from which Bramble realized investment income of $257,100. What amount should Bramble report as capitalized interest at December 31, 2020? Capitalized interest $ eTextbook and Media 99300 Save for Later Using multiple attempts will impact your score. 20% score reduction after attempt 1 0/1 E Attempts: 1 of 2 used Submit Answer

On January 1,2020, Bramble, Inc. signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,455,000. It was estimated that it would take 3 years to complete the project. Also on January 1,2020, to finance the construction cost, Bramble borrowed $4,455,000 payable in 10 annual installments of $445,500, plus interest at the rate of 10%. During 2020, Bramble made deposit and progress payments totaling $1,670,625 under the contract; the weighted-average amount of accumulated expenditures was $891,000 for the year. The excess borrowed funds were invested in short-term securities, from which Bramble realized investment income of $257,100. What amount should Bramble report as capitalized interest at December 31, 2020? Capitalized interest