\begin{tabular}{|lr|} \hline Date & Amount Paid \\ January 1, 2022 & $50,000 \\ April 1, 2022 & 300,000 \\ July 1, 2022 & 1,200,000 \\ Total 2022 & $ \\ \hline \end{tabular} a. Determine the amount of interest to be capitalized and expensed by Union Power Company for both 2022 and 2023. b. Prepare all journal entries required. c. Determine the final valuation of the power plant. On January 1,2022, Union Power and Light commenced construction of a new generating plant to serve the northeast corridor of the state. The total cost of the project is $4,100,000, and it will be completed on June 1,2023. Scheduled payments to contractors are summarized in the following table. (Click the icon to view payments.) To finance the project, Union Power obtained a bank loan on January 1, 2022, for $1,800,000 at 10% interest. Union's other general (or indirect) outstanding debt during 2022 and 2023 includes the following General Debt 7% note 9% note 6% bonds Total Amount \begin{tabular}{lr} $ & 1,000,000 \\ & 3,500,000 \\ & 2,000,000 \\ \hline$ & 6,500,000 \\ \hline \hline \end{tabular} \begin{tabular}{|lr|} \hline Date & Amount Paid \\ January 1, 2022 & $50,000 \\ April 1, 2022 & 300,000 \\ July 1, 2022 & 1,200,000 \\ Total 2022 & $ \\ \hline \end{tabular} a. Determine the amount of interest to be capitalized and expensed by Union Power Company for both 2022 and 2023. b. Prepare all journal entries required. c. Determine the final valuation of the power plant. On January 1,2022, Union Power and Light commenced construction of a new generating plant to serve the northeast corridor of the state. The total cost of the project is $4,100,000, and it will be completed on June 1,2023. Scheduled payments to contractors are summarized in the following table. (Click the icon to view payments.) To finance the project, Union Power obtained a bank loan on January 1, 2022, for $1,800,000 at 10% interest. Union's other general (or indirect) outstanding debt during 2022 and 2023 includes the following General Debt 7% note 9% note 6% bonds Total Amount \begin{tabular}{lr} $ & 1,000,000 \\ & 3,500,000 \\ & 2,000,000 \\ \hline$ & 6,500,000 \\ \hline \hline \end{tabular}