restbank Multiple Choice Question 83 x Your answer is incorrect. Try again. On January 2, 2020, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows: January 2, 2020 September 1, 2020 December 31, 2020 March 31, 2021 September 30, 2021 $ 600000 1800000 1800000 1800000 1200000 Indian River Groves borrowed $3300000 on a construction loan at 12% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $12000000 in 9% bonds outstanding in 2020 and 2021. The interest capitalized for 2020 was: $144000 $456000 $180000 $540000