Reference no: EM133165082
Question - On December 31, 2016, Cheyenne Inc. borrowed $1,020,000 at 12% payable annually to finance the construction of a new building. In 2017, the company made the following expenditures related to this building: June 1, $408,000; July 1, $612,000; September 1, $1,224,000; December 1, $612,000. The building was completed in April 2018. Additional information is provided as follows.
1. Other debt outstanding
10-year, 10% bond, dated December 31, 2010, interest payable annually $10,200,000
15-year, 12% note, dated December 31, 2004, interest payable annually $2,550,000
2. Interest revenue earned in 2017 $6,120
Required - Determine the amount of interest to be capitalized in 2017 in relation to the construction of the building.
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