IV. Additional Problem: Interest Capitalization (HOMEWORK) Petrino Corporation borrowed $200,000 at 12% interest from Colonial Bank on January 1, 2020, for the specific purpose of constructing special-purpose equipment to be used in erations. Construction on the equipment began on January 1, 2020 and the following expenditures were made during 2020 and prior to the project's completion on December 31, 2020. January 31 $100,000 April 30 150,000 November 1 300,000 December 31 100,000 Other general debt existing on January 1, 2020 (previously issued at par) was: $500,000, 14%, 10-year bonds $300,000, 10%, 5-year note Compute the interest cost to be capitalized (round all computations to the nearest dollar)