Computing and Recording Interest Capitalization The following information is from Bowin Inc- for a Iong-term construction project that is expected to be completed in January of next year. The construction project is for a building intended for the company's own use. The capital expenditure on january 1 of the current year is for the purchase of land for the building site. No new construction loans were opened for the project during the year. All debt was outstanding for the full year. Compute interest to Capitalize and Expense Compute Interest to Capitalize and Expense c. Assume that the project is completed on january 1 of the next year. (1) Prepare the entry to transfer costs from construction in process to property and equipment. (2) Prepare the annual entry for depreciation for that next year, assuming that the bullding has a useful life of 30 years with no salvage value, and that the company uses the straight-line depreciation method