Question: Question 9 (1 point) On June 1, 2017, the Crocus Company began construction of a new manufacturing plant. The plant was completed on October 31,

Question 9 (1 point) On June 1, 2017, the Crocus Company

Question 9 (1 point) On June 1, 2017, the Crocus Company began construction of a new manufacturing plant. The plant was completed on October 31, 2018. Expenditures on the project were as follows ($ in millions): 5 4 July 1, 2017 October 1, 2017 February 1, 2018 April 1, 2018 September 1, 2018 October 1, 2018 On July 1, 2017. Crocus obtained a $ 70 million construction loan with a 6% interest rate. The loan was outstanding through the end of October, 2018. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 8%. This note was outstanding during all of 2017 and 2018. The company's fiscal year-end is December 31. What is the amount of interest that Crocus should capitalize in 2018. using the specific interest method (rounded to the nearest thousand dollars) $7,248,000 (rounded). $7.283.000 (rounded). $8.740.000 (rounded). None of these answer choices are correct

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