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Hawkins Corporation began construction of a motel on March 31, 2021. The project was completed on April 30, 2022. No new loans were required to
Hawkins Corporation began construction of a motel on March 31, 2021. The project was completed on April 30, 2022. No new loans were required to fund construction. Hawkins does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $ 4,000,000, 6% note $16,000,000. 10% bonds Construction expenditures incurred were as follows: March 31. 2021 $4.000.000 June 30.2021 6.000.000 November 30, 2021 1.800.000 February 28, 2022 3.000.000 The company's fiscal year-end is December 31. Required: a. Compute the accumulated average expenditures for 2021 b. Calculate the amount of interest capitalized for 2021 c. Calculate the amount of interest cpitalized for 2022
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