On June 1, 2020, Circus Company began construction of a new manufacturing plant. The plant was completed on October 31, 2021. Expenditures on the project were: July 1, 2020 October 1, 2020 5,000,000 3,000,000 February 1, 2021 3,000,000 April 1, 2021 2,000,000 September, 2021 2,000,000 October 1, 2021 500,000 On July 1, 2020, the entity obtained a P7,000,000 construction loan with a 6% interest rate. The loan was outstanding through the end of October 2021. The only other interest-bearing debt was a long-term note for P15,000,000 with an interest rate of 8%. This note was outstanding during 2020 and 2021. The fiscal year-end is December 31 27) What amount of interest should be capitalized in 2020? c. 390,000 d. 420,000 a. 210,000 b. 195.000 28) What amount of interest should be capitalized in 2021? a. 1,000,000 c. 700,000 b. 1.350.000 d. 733,000 29) What is the interest expense for 2021? a. 1,200,000 b. 1.270,000 c. 887,000 d. 537,000