On danuary 1, 2024, the Mason Manutacturing Company began construetion of a bulddeng to be ushd as iss othice heatiguartern. The On January 1, 2024, the company obtained a $5,000,000 construction loan with a 9 \% iriterest rate, The loan was outstanding alt of 2024 and 2025 . The company's other interest-bearing debt included two long-term notes of $6,000,000 and 59.000,000 with interest rates of 5% and 89 , respectively, Both notes were outstanding during all of 2024 and 2025 . interest is paid annuolly on ail debt The company's fiscal year-end is Decernber 31. Required: 1. Calculate the amount of interest that Mason should capitalize in 2024 and 2025 using the specific interest method. 2. What is the total cost of the building? 3. Calculate the amount of interest expense that will appear in the 2024 and 2025 income statements. On danuary 1, 2024, the Mason Manutacturing Company began construetion of a bulddeng to be ushd as iss othice heatiguartern. The On January 1, 2024, the company obtained a $5,000,000 construction loan with a 9 \% iriterest rate, The loan was outstanding alt of 2024 and 2025 . The company's other interest-bearing debt included two long-term notes of $6,000,000 and 59.000,000 with interest rates of 5% and 89 , respectively, Both notes were outstanding during all of 2024 and 2025 . interest is paid annuolly on ail debt The company's fiscal year-end is Decernber 31. Required: 1. Calculate the amount of interest that Mason should capitalize in 2024 and 2025 using the specific interest method. 2. What is the total cost of the building? 3. Calculate the amount of interest expense that will appear in the 2024 and 2025 income statements