Exercise 10-8 (Part Level Submission) On December 31, 2016, Sweet Inc. borrowed $3,240,000 at 13% payable annually to finance the construction of a new buil ino in 2017 the company made eoli na expenditures related to this building: March 1, $388,800; June 1, $648,000; July 1, $1,620,000; December 1, $1,620,000. The building was completed in February 2018. Additional information is provided as follows. Other debt outstanding 10-year, 14% bond, December 31, 2010, interest payable annually 6-year, 11% note, dated December 31, 2014, interest payable annually 1. $4,320,000 $1,728,000 2. March 1, 2017, expenditure included land costs of $162,000 3. Interest revenue earned in 2017 $52,920 Determine the amount of interest to be capitalized in 2017 in relation to the construction of the building The amount of interest