Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building.]

On December 31, 2019, Sunland Inc. borrowed $4,200.000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $504,000; June 1, $840,000; July 1, $2,100,000: December 1, $2,100,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding $5,600,000 10-year, 14% bond, December 31, 2013, interest payable annually 6-year, 11% note, dated December 31, 2017, interest payable annually March 1, 2020, expenditure included land costs of $210,000 $2,240,000 2. 3. Interest revenue earned in 2020 $68,600 (a) Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. The amount of interest $