Construction began on January 1, 2019 and the building was completed on July 1, 2020.

January 1, 2019$1,500,000

March1, 2019$750,000

June 1, 2019$1,200,000

July 31, 2019$600,000

September 1, 2019$300,000

January1, 2020$2,000,000

March 31, 2020$1,200,000

Building complete July 1, 2020

On January 1, 2019, ALMO obtained a $6,000,000 construction loan with a 5% interest rate.The loan was outstanding for 2019 and 2020.The company's other interest-bearing debt included two long-term notes of $3,000,000 and $4,000,000 with interest rates of 8% and 7%, respectively.Both notes were outstanding during all of 2019 and 2020.Interest is paid annually on all debt. The company's fiscal year end is December 31.

a) Using the information above, if the average approach is used the amount of interest capitalized for 2019 should be?

NOTE: Calculate your interest rate to this levelX.XX%

b) Using the information above, if the average approach is used the total cost capitalized for the building at completion would be?

c) Using the information above, if the specific interest approach is used the total cost capitalized for the building at completion would be?

If you need a rate beyond the specific rate, calculate it to X.XX%

Can you please provide thorough explanations. I really want to understand this fully.