On December 31, 2019, Wildhorse Inc. borrowed $4,080,000 at 12% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $489,600; June 1, $816,000; July 1, $2,040,000; December 1, $2,040,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 13% bond, December 31, 2013, interest payable annually $5,440,000 6-year, 10% note, dated December 31, 2017, interest payable annually $2,176,000 2. March 1, 2020, expenditure included land costs of $204,000 3. Interest revenue earned in 2020 $66,640 Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. The amount of interest $ eTextbook and Media List of Accounts
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