Need help on the entry for A4

A3. The Notes Payable balance of $829,350 results from two loans the company has taken On November 1, 2017, Powell took a 4-year, 5%, $654,350 loan. The interest on this loarn is payable annually, on each October 31. Also, On June 1, 2018, Powell took a 1-year, 890, $175,000 construction loan (see A7 below). The interest on this loan is payable on the maturity date, May 31,2019. Note-Powell already recorded the interest paid on these loans in 2018. For this adjustment, consider any accrued interest on the loans at the December 31, 2018 reporting date. On April 1,2018, Powell hired a contractor to construct a new warehouse. The construction work commenced on June 1,2018, and it is expected to continue through May 31, 2019. Powell made progress payments to the contractor in 2018 as follows: A4. Date June 1 uly 1 September 1 November 1 Amount S 123,000 174,000 81,000 33,000 $411,000 As stated in A3 above, Powell took a 1-year, 8%, $175,000 construction loan to help fund the work on this project. The company also has a 4-year, 5%, $654,350 loan that is not related to the construction project. Give the adjusting entry needed at December 31,2018 to record the capitalization of interest for this project