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3 Problem 10-10 (Algo) Interest capitalization; weighted average method (LO10-7) 10 points On January 1, 2021, the company obtained a $3 milion loan with a 11% interest rate. The building was completed on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 $1,110,000 March 1, 2021 930.000 June 30, 2021 250.000 October 1, 2021 710.000 January 31, 2022 765,000 April 30, 2022 1,000,000 August 31, 2022 1,890,000 eBook Print References On January 1, 2021, the company obtained a $3 million construction loan with a 11% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2021 and 2022. The company's other interest-bearing debt included two long-term notes of $5,100,000 and $7,100,000 with interest rates of 7% and 9%, respectively. Both notes were outstanding during all of 2021 and 2022. Interest is paid annually on all debt. The company's fiscal year-end is December 31. Required: 1. Calculate the amount of interest that Mason should capitalize in 2021 and 2022 using the weighted average method. 2. What is the total cost of the building? 3. Calculate the amount of interest expense that will oppoor in the 2021 and 2022 income statements. Complete this question by entering your answers in the tabs below. Reg 1 and 3 Reg 2 Calculate the amount of interest that Moson should capitalize in 2021 and 2022 using the weighted average method and interest expense that will appear in the 2021 and 2022 Income statements. ("Round "Weighted average rate of all debt" to 2 decimal places but do not round other intermediate calculations. Round your answers to the nearest whole dollar) 2021 2072 Help 3 ALLY 3, 4044 April 30, 2022 August 31, 2022 102, 1,080,000 1,890,000 points On January 1, 2021, the company obtained a $3 million construction loan with a 11% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2021 and 2022. The company's other interest-bearing debt included two long-term notes of $5,100,000 and $7,100,000 with interest rates of 7% and 9%, respectively. Both notes were outstanding during all of 2021 and 2022. Interest is paid annually on all debt. The company's fiscal year-end is December 31 Required: 1. Calculate the amount of interest that Mason should capitalize in 2021 and 2022 using the weighted average method. 2. What is the total cost of the building? 3. Calculate the amount of interest expense that will appear in the 2021 and 2022 Income statements. eBook Print Complete this question by entering your answers in the tabs below. References Req 1 and 3 Reg 2 Calculate the amount of Interest that Mason should capitalize in 2021 and 2022 using the weighted average method and Interest expense that will appear in the 2021 and 2022 income statements. ("Round "Weighted average rate of all debt" to 2 decimal places but do not round other intermediate calculations. Round your answers to the nearest whole dollar) 2021 2022 Interest capitalized Interest expense Ran and Req2 > Complete this question by entering your answers in the tabs below. Req 1 and 3 Req2 What is the total cost of the building? ("Round "Weighted average rate of all debt" to 2 decimal places but do not round other intermediate calculations. Round your answer to the nearest whole dollar) Total cost of building the new building. bok Complete this question by entering your answers in the tabs below. nt Cost of Land Cost of New Building int Determine the amounts that Beldon should capitalize as the cost of the new building. rences Capitalized cost of building: Total cost of building $ 0