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Mariah Corporation is constructing a new wind power-generating facility. Construction began on January 2 and was completed on December 31 of the current year. Mariah
Mariah Corporation is constructing a new wind power-generating facility. Construction began on January 2 and was completed on December 31 of the current year. Mariah made the following expenditures during the year (Click the icon to view expenditures) To specifically finance the project, Mariah issued $2,200,000 of 2 -year, 8% notes payable on January 2 . Interest is payable annually on December 31 each year. It earned interest income of $3,000 from investing the proceeds of the note during the year. What amount of \begin{tabular}{lr} Date & \multicolumn{1}{c}{ Amount } \\ January 2 & $500,000 \\ August 1 & 400,000 \\ October 1 & 1,200,000 \\ December 1 & 100,000 \end{tabular} Ianuary 2 . Interest is payable annually on December 31 each year It earned interest ncome of $3,000 from investing the proceeds of the note during the year. What amount of nterest can Mariah capitalize during the year assuming that Mariah Corporation reports under IFRS? Interest to be capitalized =
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