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How much should be shown as capitalized interest on blossom

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Blossom, Inc. has a fiscal year ending April 30. On May 1, 2017, Blossom borrowed $10,092,000 at 11% to finance construction of its own building. Repayments of the loan are to commence the month following completion of the building. During the year ended April 30, 2018, weighted-average accumulated expenditures were $3,532,200. Interest earned on the unexpended portion of the loan amounted to $655,980 for the year.

Problem 1: How much should be shown as capitalized interest on Blossom's financial statements at April 30, 2018?

Reference no: EM132737534

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