On January $1,2021,$ the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September $30,2022.$ Expenditures on the project were as follows: January $1,2021$$$1,910,000$ March $1,20211,620,000$ June $30,20211,820,000$ October $1,20211,620,000$ January $31,2022423,000$ April $30,2022756,000$ August $31,20221,053,000$ On January $1,2021,$ the company obtained a $$4,700,000$ construction loan with a $12\%$ interest rate. The loan was outstanding all of $2021$ and $2022.$ The companys other interest$-$bearing debt included two long$-$term notes of $$6,000,000$ and $$9,000,000$ with interest rates of $8\%$ and $10\%,$ respectively. Both notes were outstanding during all of $2021$ and $2022.$ Interest is paid annually on all debt. The companys fiscal year$-$end is December $31.$Required:$1.$ Calculate the amount of interest that Mason should capitalize in $2021$ and $2022$ using the specific interest method$\mathrm{.}2.$ What is the total cost of the building?$3.$ Calculate the amount of interest expense that will appear in the $2021$ and $2022$ income statements.