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. Date Construction Costs Incurred Amount Jan 1, 2012 $200,000 May 1, 2012 $360,000 Aug. 1, 2012 $480,000 Dec 1, 2012 $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: a. $78,000 b. $67,500 O c. $70,500 d. $72,000 e. $69,000