On January 1, 2012, Will Company began construction of a new building for its own use. It was completed and put to productive use on December 31, 2012. Will has a December 31 year-end. Will has a December 31, year-end. Construction Costs Incurred Date Jan 1, 2012 May 1, 2012 Amount $200,000 $360,000 Aug 1, 2012 Dec. 1, 2012 $480,000 $120,000 On January 1, 2012 Will borrowed $500,000 at 12% to help finance the construction, signing a one-year construction loan. In addition, Will had the following long-term debt outstanding throughout 2012. 5% bonds (maturing in 2022) $800,000 11% bonds (maturing in 2021) $400,000 Compute capitalized interest for 2012: Select one: O a $78,000 O b. $67,500 Oc $70,500 Od. $72,000 Oe $69,000