II. Determine if interests incurred during construction are capitalizable, and how much would they be. (50 points) (use as separate sheet (s) for your answer; put your name on it) Early in 2020, Milenia Corporation engaged Kiner, Inc. to design and construct a complete modernization of Milenia's manufacturing facility. Construction was begun on June 1, 2020 and was completed on December 31, 2020. Milenia made the following payments to Kiner Inc. durina 2020: June 1, 2020 August 31, 2020 December 31, 2020 Payment $2,000,000 3,000,000 2,500,000 In order to help finance the construction, Milenia issued the following during 2020 1 $1,700,000 of 10-year 9% bonds payable issued at par on May 31, 2020, with interest payable 2. 300,000 shares of no-par common stock,issued at $10 per share on October 1,2020. In addition to the 9% bonds payable, the only debt outstanding during 2020 was a $425,000, 12% annually on May 31. note payable dated January 1, 2013 and due January 1, 2023, with interest payable annually on January 1. Instructions Compute the amounts of each of the following (show computations): 1. Weighted-average accumulated expenditures qualifying for capitalization of interest cost. 2. Avoidable interest incurred during 2020. 3. Total amount of interest cost to be capitalized during 2020. 4. Record the journal entry to account for the interests