PART B: Journal entry to record interest capitalized and recognition of interest expenses:

Please show all the work

On December 31,2019 , Vaughn Inc. borrowed $3,960,000 at 13% payable annually to finance the construction of a new building. In 2020 , the company made the following expenditures related to this building: March 1, \$475,200; June 1, \$792,000; July 1, $1,980,000; December 1, $1,980,000. The building was completed in February 2021. Additional information is provided as follows. (a) X Your answer is incorrect. Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. The amount of interest $