Cleaver Company hired a contractor to design and construct a new headquarters facility in Garden City, New York. Construction was begun on 3/1/21 and was completed on 12/31/21. Cleaver made the following payments on the contract during 2021: Date Payment 3/1 2,000,000 5/31 7,000,000 12/31 3,000,000

In order to help finance the construction, Cleaver issued the following during 2020: a) $2,500,000 of 10-year, 5% bonds payable, issued at par on 3/1/21, with interest payable annually on 3/1. b) 1,000,000 shares of no-par common stock, issued at $10 per share on 5/1/21. In addition to the 5% bonds payable issued for the construction, the other debt outstanding during 2021 was a $2,000,000, 7% note payable dated 1/1/14 and due 1/1/24, with interest payable annually on 1/1; and a $3,000,000, 6% note payable issued on 7/1/18 and due 7/1/28, with interest payable annually on 7/1

Compute the weighted-average accumulated expenditures qualifying for capitalization of interest cost, the avoidable interest incurred during 2021, and the total amount of interest cost to be capitalized during 2021. Write the journal entry to capitalize interest