E10.8 (LO 2) (Capitalization of Interest) On December 31, 2019, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $360,000; June 1, $600,000; July 1, $1,500,000; December 1, $1,500,000. The building was completed in February 2021. Additional information is pro- vided as follows. 1. Other debt outstanding 10.year, 13% bond, December 31, 2013, interest payable annually 6-year, 10% note, dated December 31, 2017, interest payable annually 2. March 1, 2020, expenditure included land costs of $150,000 3. Interest revenue earned in 2020 $4,000,000 $1,600,000 $49,000