X Your answer is incorrect. In early February 2020, Concord Corp. began construction of an addition to its head office building that is expected to take 18 months to complete. The following 2020 expenditures relate to the addition: Feb. 1 Payment #1 to contractor $135,000 Mar. 1 Payment to architect 24,000 July 1 Payment #2 to contractor 56,300 Dec. 1 Payment #3 to contractor 180,000 Dec. 31 Asset carrying amount $395,300 On February 1, Concord issued a $111,000, three-year note payable at a rate of 10% to finance most of the initial payment to the contractor. No other asset-specific debt was entered into. Details of other interest-bearing debt during the period are provided in the table below: Principal amount Other Debt Instruments Outstanding-2020 9%, 15-year bonds, issued May 1, 2005, matured May 1, 2020 $294,000 6%, 10-year bonds, issued June 15, 2014 $504,000 6%, 12-year bonds, issued May 1, 2020 $294,000 What amount of interest should be capitalized for the fiscal year ending December 31, 2020, according to IAS 23? (Do not round intermediate calculations. Round capitalization rate to 2 decimal places, e.g. 52.75% and final answer to 0 decimal places, e.g. 5,275.) Amount of interest $ 10175