On January 1, 2022, Potter Properties began construction of a building. The facility was completed in...

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On January 1, 2022, Potter Properties began construction of a building. The facility was completed in late 2023. Expenditures for the first year of January 1, 2023 $1,100,000 April 1, 2022 June 1, 2022 October 31, 2022 December 31, 2022 1,425,000 1,200,000 940,000 1,375,000 On January 1, 2022, to help finance the construction, Potter Properties obtained a $2,000,000 construction loan with an 8.45% interest rate. The The company's other interest-bearing debt included two long-term notes of $2,750,000 and $1,300,000 with interest rates of 7.5% and 8.25%, a. Calculate the amount of interest that Potter Properties should capitalize in 2022 using the specific interest method. Calculate the total cost of the facility, as of December 31, 2022. b. C. Calculate the amount of interest expense that will appear in the 2022 income statement for Potter Properties. Do not round intermediate calculations and round final answer to the nearest whole dollar. On January 1, 2022, Potter Properties began construction of a building. The facility was completed in late 2023. Expenditures for the first year of January 1, 2023 $1,100,000 April 1, 2022 June 1, 2022 October 31, 2022 December 31, 2022 1,425,000 1,200,000 940,000 1,375,000 On January 1, 2022, to help finance the construction, Potter Properties obtained a $2,000,000 construction loan with an 8.45% interest rate. The The company's other interest-bearing debt included two long-term notes of $2,750,000 and $1,300,000 with interest rates of 7.5% and 8.25%, a. Calculate the amount of interest that Potter Properties should capitalize in 2022 using the specific interest method. Calculate the total cost of the facility, as of December 31, 2022. b. C. Calculate the amount of interest expense that will appear in the 2022 income statement for Potter Properties. Do not round intermediate calculations and round final answer to the nearest whole dollar.