Assignment Question: (P6-9) P6-9: Interest capitalization; specific interest method On January 1, 2023, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2024. Expenditures on the project were as follows: On January 1,2023 , the company obtained a $3 million construction loan with a 10% interest rate. The loan was outstanding all of 2023 and 2024. The company's other interest-bearing debt included two long-term notes of $4,000,000 and $6,000,000 with interest rates of 6% and 8%, respectively. Both notes were outstanding during all of 2023 and 2044. Interest is paid annually on all debt. The company's financial year-end is December 31. Required: 1. Calculate the amount of interest that Mason should capitalize in 2023 and 2024 using the specific interest method. 2. What is the total cost of the building? 3. Calculate the amount of interest expense that will appear in the 2023 and 2024 income statements