TB MC Qu. 10-131 (Algo) On January 1, 2021, Kendall Inc. began construction... On January 1 2021, Kendall Inc began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2022 Expenditures on the project were as follows: January 1, 2021 September 1, 2021 December 31, 2021 March 31, 2022 September 30, 2022 $ 235,000 $342,800 $342,000 $ 342,000 $ 235,000 Kendall borrowed $764,000 on a construction loan at 7% interest on January 1, 2021. This loan was outstanding throughout the construction period. The company had $4,570,000 in 7% bonds payable outstanding in 2021 and 2022. Interest (using the specific interest method) capitalized for 2021 was. Multiple Choice $48,430. $36,430 $30,430 $24,430