On January 2, 2012 Indian River Groves began construction of a new citrus processing plant.

The automated plant was finished and ready for use on September 30, 2013. Expenditures for the construction were as follows:

January 2, 2012	$300,000
September 1, 2012	900,000
December 31, 2012	900,000
March 31, 2013	900,000
September 30, 2013	600,000

Indian River Groves borrowed $1,650,000 on a construction loan at 12% interest on January 2,

2012. This loan was outstanding during the construction period. The company also had

$6,000,000 in 9% bonds outstanding in 2012 and 2013.

94. The interest capitalized for 2013 was:

A)	$187,110
B)	$177,458
C)	$ 38,610
D)	$ 148,500