Studies Plata Volunteering Aventuras Aburriday Cuquerias Hesidences Camelo Pitchfork, Inc. began a long-term construction project for a building intended for the company's own use in 20x1. Construction began on January 31, 20x1 and is expected to be complete by the first quarter of 20x2. Payments were made to the contractor on the specific dates given below. The expenditure on January 31 included the cost of land acquired from the contractor for $100,000. Date January 31 May 1 July 31 December 1 Expenditure $300,000 $800,000 $1,000,000 $600,000 For 20x1, Pitchfork determined the WAAE were $1,200,000. The company had the following outstanding debt in 20x1: 7% APR $900,000 2-year Construction Loan, issued Jan 1, 20x1 5-year Bond Payable, issued June 1, 20x0 8% APR $1,000,000 Determine the amount of interest to be capitalized as a necessary cost of the building and compute interest Expense to be reported on the Income Statement for the period ended December 31, 20x1, respectively. Interest to be Capitalized: $ Interest Expense (x1); $ Interest to be Capitalized [Choose) Interest Expense [Choose Pitchfork, Inc. began a long-term construction project for a building intended for the com 20x1. Construction began on January 31, 20x1 and is expected to be complete by the fi Payments were made to the contractor on the specific dates given below. The expendit included the cost of land acquired from the contractor for $100,000. Date January 31 May 1 July 31 December 1 Expenditure $300,000 $800,000 $1,000,000 $600,000 For 20x1, Pitchfork determined the WAAE were $1,200,000. The company had the fol debt in 20x1: [Choose] 2-year Construction Loan, issued 7% Jan 1, 20x1 $80,000 $900,000 5-year Bond Payable, issued $50,750 8% $1,000,000 June 1, 20x0 $63,000 Determine the amount of interest to be capit $55,250 Expense to be reported on the Income State $57,750 Interest to be Capitalized: $ $87.750 he building a ember 31, 20 $87,000 Interest to be Capitalized [Choose) Interest Expense [Choose ]