Question 3 (Capitalization of interest cost: 14 marks) Voyage Corporation's fiscal year-end is December 31. Early in 2021, Voyage engaged Global Construction, Inc. to design and construct a complete modernization of its office building Construction was begun on April 1, 2021 and was completed on December 31, 2021. Voyage made the following payments to Global Construction during 2021: Date April 1, 2021 June 30, 2021 October 31, 2021 Payment $4,000,000 5,500,000 4,200,000 2021: In order to help finance the construction, Voyage issued the following during 1. $5,000,000 of 10-year, 9% bond payable, issued at par on April 1, 2021, with interest payable annually on April 1. 2. 1,000,000 shares of no-par ordinary shares, issued at $10 per share on October 1.2021 In addition to the 9% bonds payable, the other debts outstanding during 2021 were as follows: a) $5,000,000, 12% note payable dated December 31, 2013 and due December 31, 2023, with interest payable annually on December 31. b) $600,000 of 5-year, 10% bond payable, issued at par on July 1, 2016, with interest payable annually on July 1. Compute the amounts of each of the following (show computations): 1. Amount of expenditure allocated to general debts. (1 mark) 2. Average carrying amount. (1 mark) 3. Interest to be capitalized for specific debt during 2021. (2 marks) 4. Avoidable interest incurred during 2021 (use two decimal % for weighted average interest rate). (3 marks) 5. Actual interest incurred for general debts during 2021. (2 marks) 6. Interest to be capitalized for general debts during 2021. (2 marks) 7. Total interest to be capitalized during 2021. (1 marks) 8. Journalize the interest payment, interest payable, and interest capitalization on December 31, 2021. (2 marks)