Question: On June 1 , 2 0 2 3 , a company began construction of a new manufacturing plant. The plant was completed on October 3

On June 1,2023, a company began construction of a new manufacturing plant. The plant was completed on October 31,2024. Expenditures on the project were as follows ( $ in millions): On July 1,2023, the company obtained a $94 million construction loan with a 8% interest rate. The loan was outstanding through the end of October, 2024. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 10%. This note was outstanding during all of 2023 and 2024. The company's fiscal year-end is December 31. What is the amount of interest that should be capitalized in 2024
, using the specific interest method?

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