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ACC 3151 - Exam #3 - November 2022 Problem #2 - Interest Capitalization (25 Points) On November 1, 2006 - Shalla Company contracted Pfeifer Construction Company to construct a building for$2,800,000 on land costing $200,000 (purchased from the contractor and included in the first payment.) Shalla made the following payments to the construction company during 2007: o January 1, 2007 = $420,000 o February 1, 2007 = $600,000 o June 1, 2007 = $1,080,000 o December 31, 2007 = $900,000 Total = $3,000,000 Pfeifer Construction completed the building, ready for occupancy, on December 31 2007. Shalla had the following debt outstanding at December 31, 2007 o Specific Construction Debt ($1,500,000) - 15%, 3 year note to finance purchase of land and construction of the building, dated December 31, 2006, with interest payable annually on December 31 st. o Other Debt ($1, 100,000) - 10%, 5 year note payable dated December 31, 2003, with interest payable annually on December 31st. ($1,200,000) - 12%, 10 year bonds issued December 31, 2002 with interest payable annually on December 31st. REQUIRED: 1. Calculate Avoidable & Actual Interest (Show Your Work) 2. Prepare complete adjusting journal entry for 12/31/07 to record Capitalized Interest, I don't want all journal entries for all payments made - only the complete entry that shows capitalized interest. Avoidable Interest 2361040 Actual Interest 47 91000 Journal Entry 12/31 Land & Building 2361 040 Interest exp 236, 040