Your client is in the planning phase of a major plant expansion which will involve the construction of a new warehouse. The assistant controller does not believe that interest cost can be included in the cost of the warehouse because it is a financing expense. Others on the planning team believe that some interest cost can be included in the cost of the warehouse but no one could indentify the specific authoritative guidance for this issue. Your supervisor asks you to research this issue. Required: Research the FASB Codification and draft a professional memorandum that is responsive to the following questions posed by your client: Is it permissible to capitalize interest into the cost of assets? What are the objectives of capitalizing interest? (i.e. be sure to address the differing accounting treatment(1) interest is treated as a financing expense vs. (2) interest is capitalized into the cost of the asset.) Which assets qualify for interest capitalization? Is there any limitation on the amount of interest that may be capitalized in a particular period? If interest capitalization is allowed, what disclosures are required?