Marin, Inc. has a fiscal year ending April 30. On May 1, 2020, Marin borrowed $ 9,056,000 at 11% to finance construction of its own building. Repayments of the loan are to commence the month following completion of the building. During the year ended April 30, 2021, weighted-average accumulated expenditures were $ 3,169,600. Interest earned on the unexpended portion of the loan amounted to $ 588,640 for the year. How much should be shown as capitalized interest on Marins financial statements at April 30, 2021?

Capitalized interest on Marins financial statements

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