Computing and Recording Interest Capitalization The following information is from Blowin Inc. for a long term construction project that is expected to be completed in January 2021. The construction project is for a building intended for the company's own use. The capital expenditure on January 1, 2020, is for the purchase of land for the building site. No new construction loans were opened for the project in 2020. All debt was outstanding for the full year Capital Expenditures for 2020 Date Amount Jan 1, 2020 $27,000 Me $10,000 June 30, 2029 1420000 Nov 30, 2020 10,000 Outstanding Debt in 2020 - Dubt Delt Amount interest Rat 3900.000 c0000 Bond payable 100000 50.000) Answer the following questions Compute interest to be capitalized and the interest to be expensed in 2020 Prepare the entry to record the construction expenditures and interest fr 2020 c. Prepare the entry for depreciation in 2021 assuming that the project is completed on January 1, 2021 Assume that the hulding has a useful life of 30 years, and that the company ines the right one depreciation method Note: Answer the following questions carrying all decimals in calculatione round final answers to the nearest dila Amount of rest to be capitale