Question: please show step by step solution 7) On Jan 1, 2022, a company began construction on an asset which is expected to be completed in

please show step by step solution

7) On Jan 1, 2022, a company began construction on an asset which is expected to be completed in 2024. Construction expenditures for 2022 are as follows: Jan11,000,000Apr11,000,000Jul11,000,000Oct11,000,000 The company had a construction specific loan with a principle of $5,000,000 and interest of 8% outstanding during all of 2022 and no other debt. Required: What amount of interest can be capitalized in 2022

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