ilt Ul Tmerest to be capitalized in 2020. alculate the amount of interest to expense in 2020. ation is constructing a plant for its own use. Weld capitalizes inter Exercise 11-56 Computing and est on an annual basis. The follow. spenditures December 31, $2,110.000. The following debts were outstanding throughout the current year nt year: January 1, $30.000; July 1, s290,000, September 1,$800,0nlerest Capitalization LOS Construction note, 12% Short-term note payable, 15% Accounts payable (noninterest-bearing) $100,000 400,000 ....400,000 Required Compute the amount of interest to be capitalized in 2020. b Calculate the amount of interest to expense in 2020. Prepare the 2020 summary journal entry to record the construction expenditures and construction is not complete on December 21, 2020