Question 1: On January 1, 2016, the Edin Company began construction of building to be used as its office headquarters. The building was completed on December 31, Expenditures on the project were as follows: January 1, 2016 $500,000 March 31, 2016 600,000 June 30, 2016 800,000 October 31, 2016 600,000 On January 1, 2016, the company obtained a $3 million construction loan with a 10% interest rate. The loan was outstanding all of2016. The company's other interest-bearing debt included long-term note of $5,000,000 with an 8% interest rate, and a mortgage ofs3,000,000 on another building with an interest rate of 6%. Both debts were outstanding during all of 2016. The company's fiscal year end is December 31. Required: Edinger should capitalize in 2016 using the specific 1. Calculate the amount of interest that interest method. 2016