3 Thornton Industries began construction of a warehouse on July 1, 2021. The project was...
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3 Thornton Industries began construction of a warehouse on July 1, 2021. The project was completed on March 31, 2022. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: 3 points $3,000,000, 10% note $7,000,000, 5% bonds eBook Construction expenditures incurred were as follows: Hint July 1, 2021 September 30, 2021 November 30, 2021 January 30, 2022 $ 760,000 1,140,000 1,140,000 1,080,000 Print The company's fiscal year-end is December 31. References Required: Calculate the amount of interest capitalized for 2021 and 2022. The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2021 and 2022. Complete this question by entering your answers in the tabs below. 2021 2022 Calculate the amount of interest capitalized for 2021. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).) Date Expenditure Weight Average = July 1, 2021 September 30, 2021 November 30, 2021 Accumulated expenditures X Amount Interest Rate Capitalized Interest Average accumulated expenditures % 2021 2022 >
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