Q7(20%) Arlington Company is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $2,400,000 on March 1, $1 980,000 on June 1, and $3.000.000 on December 31. Arlington Company borrowed $1,200,000 on January 1 on a 5-year, 12% note to help finance construction of the building In addition, the company had outstanding all year a 10% 3-year. $2.400 000 note payable and an 11%, 4-year $4.500.000 note payable. Instruction: a. Determine the amount of interest to be capitalized in 2019 in relation to the construction of the building b. Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2019