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Company Y had the following bank loans outstanding during the whole year of 2021: 9% loan repayable 2023 15 million 11% loan repayable 2024 24

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Company Y had the following bank loans outstanding during the whole year of 2021: 9% loan repayable 2023 15 million 11% loan repayable 2024 24 million Company Y began construction of a qualifying asset on 1 April 2021 and withdrew funds of 6 million on that date to fund construction. On 1 August 2021 an additional 2 million was withdrawn for the same purpose. Calculate the borrowing costs which can be capitalised in respect of this project for the year ended 31 December 2021. (You might have to round up your answer to the nearest 10,000)

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