Early In Its fiscal year ending December 31, 2021, San Antonlo Outfitters finalized plans to expand operations. The first stage was completed on March 28 with the purchase of a tract of land on the outsklits of the city. The land and exlsting bullding were purchased by payling $210,000 Immediately and signing a noninterest-bearling note requiring the company to pay $610,000 on March 28,2023. An Interest rate of 8% properly reflects the tume value of money for this type of loan agreement. Title search, Insurance, and other closing costs totaling $21,000 were pald at closing. At the end of April, the old building was demolished at a cost of $71,000, and an additional $51,000 was paid to clear and grade the land. Construction of a new bullding began on May 1 and was completed on October 29 . Construction expenditures were as follows: FV of \$1. PV of \$1, FVA of \$1. PVA of \$1, FVAD of \$1 and PVAD of \$1) (Use approprlate factor(s) from the tables provided.) San Antonio borrowed $3,000,000 at 8% on May 1 to help finance construction. This loan, plus interest, will be paid in 2022 . The company also had a $5,350,000,8% long-term note payable outstanding throughout 2021 . In November, the company purchased 10 identical pleces of equipment and office furniture and fixtures for a lump-sum price of $610,000. The falr values of the equipment and the furniture and fixtures were $426,000 and $284,000, respectlvely. In December, San Antonio paid a contractor $290,000 for the construction of parking lots and for landscaping. Required: 1. Determine the Initlal values of the varlous assets that San Antonio acquired or constructed during 2021. The company uses the speclfic interest method to determine the amount of Interest capitalized on the bullding construction. (Hint: Expenditures on March 28 and Aprll 30 to acquire land on which to construct the buliding are Included as part of accumulated expenditures for determining the amount of Interest capitalized on the bulling. This means the interest capitalization perlod begins on March 28.j 2 How much Interest expense will San Antonio report in its 2021 Income statement? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Determine the initial values of the various assets that San Antonio acquired or constructed during 2021. The company uses the specific interest method to determine the amount of interest capitalized on the building construction. (Hint: Expenditures on March 28 and April 30 to acquire land on which to construct the building are included as part of accumulated expenditures for determining the amount of interest capitalized on the building. This means the interest capitalization period begins on March 28.) (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Early In Its fiscal year ending December 31, 2021, San Antonlo Outfitters finalized plans to expand operations. The first stage was completed on March 28 with the purchase of a tract of land on the outskirts of the city. The land and exlsting bullding were purchased by payling $210,000 Immediately and signing a noninterest-bearling note requiling the company to pay $610,000 on March 28,2023 . An Interest rate of 8% properly reflects the time value of money for this type of loan agreement. Title search, Insurance, and other closing costs totaling $21,000 were paid at closing. At the end of April, the old building was demolished at a cost of $71,000, and an additional $51,000 was paid to clear and grade the land. Construction of a new bullding began on May 1 and was completed on October 29. Constructlon expenditures were as follows: (FV of \$1, PV of \$1, FVA of \$1, PVA of \$1. FVAD of \$1 and PVAD of \$1) (Use approprlate factor(s) from the tables provided.) San Antonlo borrowed $3,000,000 at 8% on May 1 to help finance construction. This loan, plus interest, will be paid in 2022 . The company also had a $5,350,000,8% long-term note payable outstanding throughout 2021 . In November, the company purchased 10 identical pleces of equipment and office furniture and fixtures for a lump-sum price of $610,000. The falr values of the equipment and the furniture and fixtures were $426,000 and $284,000, respectlvely. In December, San Antonio paid a contractor $290,000 for the construction of parking lots and for landscaping. Required: 1. Determine the Initial values of the varlous assets that San Antonlo acquired or constructed during 2021. The company uses the speclfic Interest method to determine the amount of Interest capltalized on the buliding construction. (Hint: Expenditures on March 28 and Aprll 30 to acquire land on which to construct the buliding are Included as part of accumulated expenditures for determining the amount of Interest capitalized on the building. This means the Interest capitalization perlod begins on March 28.) 2 How much Interest expense will San Antonio report in its 2021 Income statement? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. How much interest expense will San Antonio report in its 2021 income statement? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.)