Sea Queen Manufacturing $($Sea Queen$)$ operates two divisions: shipbuilding and marine parts. In the shipbuilding division, three ships were in process during $20$X$5($see the table below$).$ Operations were continuous during $20$X$5$ with the exception of a strike which lasted for the entire month of June. Debits to Construction$-$in$-$Progress $($CIP$)$ were as follows:

$($table in attached image$)$

$($JUST NEED HELP WITH CALCULATIONS$)$

Requirements:

$$ Determine the total interest incurred by each company in $20$X$5.$

$$ For each company, determine which assets, if any, qualify for capitalization of interest.

o For each qualifying asset, determine the amount of interest to be capitalized in $20$X$5.$

o Determine the amount of interest to be expensed for each company in $20$X$5.$

$$ Record all journal entries for $20$X$5.$

Show and explain all calculations for each journal entry.