On June 1, 2020, the Crocus Company began construction of a new manufacturing plant. The plant was
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On June 1, 2020, the Crocus Company began construction of a new manufacturing plant. The plant was completed on October 31, 2021. Expenditures on the project were as follows ($ in millions):
| July 1, 2020 | 58 |
| October 1, 2020 | 26 |
| February 1, 2021 | 34 |
| April 1, 2021 | 23 |
| September 1, 2021 | 22 |
| October 1, 2021 | 8 |
On July 1, 2020, Crocus obtained a $124 million construction loan with a 10% interest rate. The loan was outstanding through the end of October, 2021. 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 2020 and 2021. The company's fiscal year-end is December 31.
What is the amount of interest that Crocus should capitalize in 2020, using the specific interest method?
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