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help please On June 1,2023, a company began construction of a new manufacturing plant. The plant was completed on October 31,2024 . Expenditures on the
help please
On June 1,2023, a company began construction of a new manufacturing plant. The plant was completed on October 31,2024 . Expenditures on the project were as follows (\$ in mallions): On July 1, 2023, the company obtained a $80 million construction loan with a 6% interest rate. The loan was outstanding through the end of October, 2024. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 8%. This note was outstanding dur ing all of 2023 and 2024 . The company's fiscal year-end is December 31 . What is the amount of interest that should be capitalized in 2023, using the specific interest method Step by Step Solution
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