Question 4 of 10 View Policies Current Attempt in Progress On December 31, 2019. Larkspur Inc. borrowed $3,120,000 at 12% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1. $374,400: June 1. $624,000; July 1, $1,560,000, December 1, $1,560,000. The building was completed in February 2021. Additional information is provided as follows. 1 Other debt outstanding 10 year, 13% bond, December 31, 2013, interest payable annually 6-year, 10% note, dated December 31, 2017, interest payable annually March 1, 2020, expenditure included land costs of $156,000 Interest revenue earned in 2020 $4,160,000 $1,664,000 2. 3. $50,960 (a) Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. The amount of interest $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 4 used Submer Question Part Score -3.5 (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Question Part Score