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Iota Manufacturing capitalized $300,000 of interest on a construction project. If the project's total cost was $3,000,000 and it was completed over three years, calculate

  1. Iota Manufacturing capitalized $300,000 of interest on a construction project. If the project's total cost was $3,000,000 and it was completed over three years, calculate the impact on interest expense and discuss how capitalized interest affects the income statement.

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