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During 2017, Swifty Corporation constructed assets costing $3990000. The weighted-average accumulated expenditures on these assets during 2017 was $2380000. To help pay for construction, $1800000 was borrowed at 10% on January 1, 2017, and funds not needed for construction were temporarily invested in short-term securities, yielding $32000 in interest revenue.
Other than the construction funds borrowed, the only other debt outstanding during the year was a $1940000, 10-year, 9% note payable dated January 1, 2011.
What is the amount of interest that should be capitalized by Swifty during 2017?
the following information was provided by the treasurer of suretthe following information was provided by the treasurer
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