On January 1, 2021, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The only interest-bearing debt the company had outstanding during 2021 was long-term bonds with a book value of $12,000,000 and an effective interest rate of 10% Construction expenditures incurred during 2021 were as follows: January 1 $700,000 March 1 720,000 July 31 600,000 September 301 800,000 December 31 500,000 Required: Calculate the amount of interest capitalized for 2021. Date January 1 March 1 July 31 Expenditure Weight Average X M x September 30 x B December 311 X Accumulated expenditure $ $ Amount Average accumulated expenditures S 0x Interest Rate Capitalized Interest 5 On January 1, 2021, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The only interest-bearing debt the company had outstanding during 2021 was long-term bonds with a book value of $12,000,000 and an effective interest rate of 10% Construction expenditures incurred during 2021 were as follows: January 1 March 1 $700,000 720,000 July 31 600,000 September 30 800,000 December 31 500,000 Required: Calculate the amount of interest capitalized for 2021 Date January 1 March 1 July 311 September 30 December 31 Accumulated expenditure Expenditure Weight X NO X x x D $ Average Amount Interest Rate Capitalized Interest Average accumulated expenditures $ 0x S 0 > ING 3017 15 13/21/0