Question 29 Not yet answered Points out of 1100 Pas question On January 1, 2020, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows: January 1, 2020 $ 600,000 September 1, 2020 1,800,000 December 31, 2020 1,800,000 March 31, 2021 1,800,000 August 31, 2021 1,200,000 Indian River Groves borrowed $800,000 at 10% interest rate from a bank on January 1, 2020 specifically to finance this construction. In addition, it also has two other debt outstanding throughout the entire construction: (a) $1,500,000,8%, 10-year bonds payable, and (b) $3,200,000, 10%, 5-year note payable. Fiscal year-end is December 31. Instructions (a) What are the weighted-average accumulated expenditures for 2020 and 2021, respectively? (b) How much interest should be capitalized in 2020? Show your calculation