Problem 1 Montgomery Industries spent $550,000 in 2020 on a construction project to build a library. Montgomery also capitalized $27,500 of interest on the project in 2020. Montgomery financed 100% of the construction with a 10% construction loan. The project was completed on September 30, 2021. Additional expenditures in 2021 were as follows: Feb. 28 Apr. 30 Jul. 1 Sept. 30 $ 85,500 175,500 31,500 59,500 Required: Determine the completed cost of the library