On December 31, 2019, Pharoah Inc. borrowed $3,300,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building March 1.5396,000: June 1. $660,000: July 1. $1,650,000: December 1, $1,650,000. The building was completed in February 2021. Additional information is provided as follows. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4.400,000 6-year, 11% note, dated December 31, 2017, interest payable annually $1.760,000 2. March 1, 2020, expenditure included and costs of $165,000 Interest revenue earned in 2020 $53,900 1. 3. Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building The amount of interest $ Save for Later Attempts: 0 of 1 used Submit