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 March 1, 2021 June 3, 2021 October 1, 2021 anuary 31, 2022 April 30, 2022 August, 2022 $1,710,000 1,828,000 1,220,00 1,020,00 293.000 656,00 961.000 On January 1, 2021, the company obtained a $3,700,000 construction toon with a 12% Interest rate. The foon was outstanding all of 2021 and 2022. The company's other interest-bearing debt included two long term notes of $3,000,000 and $7,000,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2021 and 2022. Interest is poidannuany on all debt. The company's Niscal year-end is December 31 Required: 1. Calculate the amount of interest that Moson should capitalize in 2021 and 2022 ustng the specific interest method 2. What is the total cost of the buiding 3. Calculate the amount of interest expense that will appear in the 2024 and 2022 income statements Complete this question by entering your answers in the tabs below. A and a Reg 2 Calculate the amount of interest that Mason should capital in 2021 and 2003 using the specific interent method and interest ne that will appear in the 2021 and 20 income statement Foundat calculation) 2021 3022 ed 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 March 1, 2021 June 3, 2021 October 1, 2021 anuary 31, 2022 April 30, 2022 August, 2022 $1,710,000 1,828,000 1,220,00 1,020,00 293.000 656,00 961.000 On January 1, 2021, the company obtained a $3,700,000 construction toon with a 12% Interest rate. The foon was outstanding all of 2021 and 2022. The company's other interest-bearing debt included two long term notes of $3,000,000 and $7,000,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2021 and 2022. Interest is poidannuany on all debt. The company's Niscal year-end is December 31 Required: 1. Calculate the amount of interest that Moson should capitalize in 2021 and 2022 ustng the specific interest method 2. What is the total cost of the buiding 3. Calculate the amount of interest expense that will appear in the 2024 and 2022 income statements Complete this question by entering your answers in the tabs below. A and a Reg 2 Calculate the amount of interest that Mason should capital in 2021 and 2003 using the specific interent method and interest ne that will appear in the 2021 and 20 income statement Foundat calculation) 2021 3022 ed
