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Please see all parts! Thank you On January 1, 2024, the Mason Manufacturing Company began construction of a buliding to be used as its office
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On January 1, 2024, the Mason Manufacturing Company began construction of a buliding to be used as its office headquarters. The bullding was completed on September 30, 2025. Expenditures on the project were as follows On January 1,2024 , the company obtained a $3 million construction loan with a 12% interest rate, Assume the $3 million loan is not specifically tled to construction of the buliding. The loan was outstanding all of 2024 and 2025. The company's other interest-bearing debt included two long-term notes of $5,600,000 and $7,600,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2024 and 2025 . Interest is pald annually on all debt. The company's fiscal year-end is December 31. Requlred: Using the weighted-average interest method, answer the followng questions: 1. Calculate the amount of interest that Mason should captalize in 2024 and 2025 using the weighted-average method. 2. What is the total cost of the butling? 3. Calculate the amount of interest expense that will appear in the 2024 and 2025 income statements Complete this question by entering your answers in the tabs below Thank you
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