The following information is from Bown Inc. for a long-term construction project that is expected to be completed in January of next year. The construction project is for a building intended for the company's own use. The capital expenditure on January 1 of the current year is for the purchase of land for the building site. No new construction loans were opened for the project during the year. All debt was outstanding for the full year. Capital Expenditures for Current Year Cate Jan 1 Mar 31 June 30 Nov 30 Actual Expenditures $54,000 1,620,000 3.240.000 1,520.000 Outstanding Debt in Current Year Debt Debt Amount Interest Rate Note payable $1.800.000 8% Note payable 1,440,000 Bond payable Note payable 3.600.000 900.000 10% 99 Compute Interest to Capitalize and Expense Journal Entry in Year 1 Journal Entries in Year 2 b. Prepare the summary entry to record the construction expenditures and interest for the year. Assume all payments are in cash. Account Name Dr. Cr. O 0 0 v 0 0 v 0 0 To record construction expenditures and interest