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Question 3: Zeitgeist ltd had the following loans outstanding for the entire year: Amount Interest Rate Specific construction loan $100,000 10% General loan 2,000,000 12 The company began the self-construction of a building on February 1, 2010. The following expenditures were made during the year: February 1 $100,000 May 15 200,000 November 1 300,000 Total $600,000 Loan was taken on December 15th 2009, when approval was received from the local authority. No construction took place in the month of October 2010 due a strike. Assume that construction was not completed on December 31 of Year 1. Also assume that the same loans were outstanding for all of Year 2. The following expenditure was made during Year 2: July 1 $500,000 If final construction was completed on December 31 of Year 2. Compute (1) the amount of interest capitalized during Year 2 and (2) the recorded cost of the building at the end of Year 2