Exercise 10-23 (Algo) Interest capitalization (LO10-7] On January 1, 2021, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The only interest-bearing debt the company had outstanding during 2021 was long term bonds with a book value of $11.900,000 and an effective interest rate of 9% Construction expenditures incurred during 2021 were as follows January 1 March 1 July 31 September 30 December 31 $690,000 714,000 594,000 790,000 490,000 Required: Calculate the amount of interest capitalized for 2021 Required: Calculate the amount of interest capitalized for 2021. Expenditure Weight Average X X Date January 1 March 1 July 31 September 30 December 31 Accumulated expenditure X X X $ 0 Amount Interest Rate Capitalized Interest 0 0 x 11 $ Average accumulated expenditures