In May 2020, UNCG engaged Triad, Inc. to design and construct a complete modernization of UNCG's lab facility. Construction began on August 1, 2020 and was completed on December 31, 2020. UNCG made the following payments to Triad, Inc. during 2020:Date PaymentAugust 1, 2020$6,000,000September 1, 20209,000,000December 31, 20208,000,000In order to help finance the construction, UNCG issued the following construction specific debt during 2020:1. $1,700,000 of 10-year, 9% bonds payable, issued at par on May 31, 2020, with interest payable annually on May 31.In addition to the above construction specific 9% bonds payable, debts outstanding during 2020 include:I.A $1,500,000, 12% notes payable dated January 1, 2016 and due January 1, 2023, with interest payable annually on January 1.II.A $2,500,000, 10% bonds payable dated January 1, 2018 and due January 1, 2025, with interest payable annually on January 1.Required:(a) Compute the amounts of each of the following (show computations):

1. Weighted-average accumulated expenditures.

2. Avoidable interest

3. Total amount of interest cost to be capitalized during 2020.

(b) Record the necessary journal entries for the capitalization of interest.