the amount of interest to be capitalized in 2020 in relation to the construction of the building The amount of interest $ 218075 Attempts: 1 of 1 used (b) Prepare the journal entry to record the capitalization of interest and the recognition of interest expense. If any at December 31.2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit mber 31, 2020 Date Savetor Later Attempts: 0 of 1 used Submit Answer On December 31, 2019. Pharoah Inc. borrowed $3,300,000 at 13% payable annually to finance the construction of a new building In 2020, the company made the following expenditures related to this building: March 1,5396,000, June 1.5660.000; July 1 $1,650,000; December 1, $1,650,000. The building was completed in February 2021. Additional information is provided as follows. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4.400,000 6-year, 11% note, dated December 31, 2017, interest payable annually $1.760,000 March 1, 2020, expenditure included land costs of $165,000 Interest revenue earned in 2020 $53,900 1. (a) Your answer has been saved. See score details after the due date, Determine the amount of interegt to be capitalized in 2020 in relation to the construction of the building The amount of interest $ 218075 Attempts: 1 of 1 used