Question 2 incomplete answer Marked out of 5.00 P Flag question Computing and Recording Interest Capitalization Weld Corporation is constructing a plant for its own use. Weld capitalizes interest on an annual basis. The following expenditures are made during the current year: January 1, $60,000: July 1, 580,000; September 1, $1,600,000; and December 31, 54,220,000. The following debts were outstanding throughout the current year Debt Amount Construction note, 12% $200,000 Short-term note payable, 15% 800,000 Accounts payable (noninterest-bearing) 800,000 Answer the following questions, rounding your answers to the nearest whole dollar. a. Compute the amount of interest to be capitalized in 2020. $0 b. Calculate the amount of interest to expense in 2020, $ 0 c. Prepare the 2020 summary journal entry to record the construction expenditures and interest, assuming that construction is not complete on December 21, 2020, Note: Record debit accounts in alphabetical order using the first letter of the account name: Account Name 0 Dr. 0 . 0 0 0 0 Please answer all parts of the question Next 3 Previous Save Answers