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please show work 2. On 1/1/2019, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was
please show work
2. On 1/1/2019, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on 12/31/2019. Expenditures on the project were as follows: January 1, 2019 March 1, 2019 June 30, 2019 October 1, 2019 $ 1,000,000 $ 600,000 $ 800,000 $ 600,000 On 1/1/2019, the company obtained a $1,000,000 loan with a 10% interest rate. The loan was outstanding all of 2019. The company's other interest-bearing debt included 2 long-term notes of $4,000,000 at 6% and $ 6,000,000 at 8%. Both notes were outstanding during all of 2019 and 2020. Required: Calculate the amount of interest that Mason should capitalize in 2019 using the specific interest method Step by Step Solution
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