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Can you help with this? Hawkins Corporation began construction of a motel on March 31, 2021. The project was completed on April 30, 2022. No
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Hawkins Corporation began construction of a motel on March 31, 2021. The project was completed on April 30, 2022. No new loans were required to fund construction. Hawkins does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $4,400,000, 6% note $18,960,000, 10% bonds Construction expenditures incurred were as follows: March 31, 2021 $4, 360, 000 June 30, 2021 6,360,000 November 30, 2021 1, 872, 000 February 28, 2022 3, 360,000 The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2021 and 2022. (Round weighted average interest rate to 2 decimal places and final answers to the nearest whole dollar.) 2021 2022 Amount of interestStep by Step Solution
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