On 1 January 2019, MM Limited began construction of a temple for its headquarters. The management of MMI Limited expects the temple to be completed in three years. The financial year end date is 31 December. The temple was partly financed by a loan amounting to $6,000,000 specifically raised for it which was drawn on 1 January 2019 and the balances were financed by the general borrowings of the company. The amount of money MM Limited has borrowed appears below: 2020 $000 2019 $000 6,000 6,000 11% Specific borrowings for the construction of a temple on 1 January 2019 Other borrowings on 1 January 2019 9% Debenture 10% Bank loan 12% Other long term loan 8,000 5,000 4,000 8,000 5,000 4,000 The expenditure incurred on the project was as follows: 1 November 2019 1 July 2020 1 December 2020 Total $000 4,000 2,000 6,000 12,000 a Calculate the interest to be capitalized for the years 2019 and 2020. (15 marks) b Prepare the journal entries for the interest capitalized and show the cost of the temple in construction at the end of 2019 and 2020. (15 marks)