Exercise 10-08 On December 31, 2019, Monty Inc. borrowed $4,020,000 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, 5482.400; June 1804.000: July 1, 52,010,000: December 152.010,000. The building was completed in February 2021. Additional information is provided as follows 1. Other debt outstanding 10-year 14 bond, December 31, 2013. Interest payable anual $5.350.000 6-veat 119 note, dated December 31, 2017 Interest payable annually $2.144.000 2. March 1, 2020, expenditure included and costs of 201,000 3. Interest revenue earned in 2020 $65.660 Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building The amount of interest Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (Credit accountries are automatically indexated when amount is entered. Do not indent manually. If no entry is required select "No Entry for the account tities and enter for the amounts.) Date Account Titles and Explanation Debat Credit December 31, 2020