On July 31, 2017, Shamrock Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2017. To help finance construction, on July 31 Shamrock issued a $314,400,3-year,12% note payable at Netherlands National Bank, on which interest is payable each July 31. $206,400of the proceeds of the note was paid to Minsk on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at10% until November 1. On November 1, Shamrock made a final $108,000payment to Minsk. Other than the note to Netherlands, Shamrock's only outstanding liability at December 31, 2017, is a $32,600,8%,6-year note payable, dated January 1, 2014, on which interest is payable each December 31.

1. Calculate the interest revenue, weighted-average accumulated expenditures, avoidable interest, and total interest cost to be capitalized during 2017

Interest revenue$: ?

Weighted-average accumulated expenditures$: ?

Avoidable interest$: ?

Interest capitalized$: ?

2.Prepare the journal entries needed on the books of Shamrock Company at each of the following dates.

(1)July 31, 2017.

(2)November 1, 2017.

(3)December 31, 2017.