Situation III Pearl, Inc. has a fiscal year ending April 30. On May 1, 2020, Pearl borrowed $9,636,000 at 11% to finance construction of its own building. Repayments of the loan are to commence the month following completion of the building. During the year ended April 30, 2021, weighted-average accumulated expenditures were $3,372,600. Interest earned on the unexpended portion of the loan amounted to $626,340 for the year. How much should be shown as capitalized interest on Pearls financial statements at April 30, 2021?

Capitalized interest on Pearls financial statements

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