QUESTION 2 ABC Company entered into a contract with XYZ Company to construct a building for ABC. The ABC to make an initial payment of $80,000 at that time. Another $180,000 was to be paid by including December 3 completed on schedu period, ABC had $840,000 of additional long-term debt outstanding at an average interest rate of 8%. contract called for work to begin on January 1, Y1 and for ABC at the end of each three-month period until and 1, Y1 when the building was to be completed, transferred to ABC and placed into service. All aspects of the contract were le. ABC Co. borrowed $250,000 on April 1, Y1 to help finance this project at an interest rate of 7%. Throughout the construction What are the weighted average accumulated expenditures on the How much interest should be capitalized for this building in Y1? What should be in the building account on the December 31, Y1 balance sheet? How much interest expense should have been included on the income statement as of December 31, Y12 for Y12