Alta Company is constructing a production complex that qualifies for interest capitalization. On January 1, 2013, Alta Company started the construction. The project was completed and ready for occupancy on June 30,2014 . The following information is available: Expenditures on project: Alta Company has the following debts outstanding: (1) A 3-year loan of $800,000, with 12% interest rate, borrowed on January 1, 2013, specifically for the construction; (2) A 2-year note payable of $3,000,000, with 14% interest rate, dated January 1,2012 ; (3) A 10 -year bond of $7,000,000, with 8% interest rate, dated January 1,2008. Required: (a) Determine the amount of interest to be capitalized by Alta Co. for 2013 . Show the necessary calculation. [9 marks] (b) Determine the amount of interest to be capitalized by Alta Co. for 2014 . Show the necessary calculation. [5 marks]