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In: AccountingInterest during ConstructionDexter Construction Corporation is building a studentcondominium complex; it started construction on...Interest during ConstructionDexter Construction Corporation is building a studentcondominium complex; it started construction on January 1, Year 1.Dexter borrowed $1 million specifically for the project by issuinga 10%, 5-year, $1 million note, which is payable on December 31 ofYear 3. Dexter also had a 12%, 5-year, $3 million note payable anda 10%, 10-year, $1.8 million note payable outstanding all year.In Year 1, Dexter incurred costs as follows:Interest during ConstructionDexter Construction Corporation is building a studentcondominium complex; it started construction on January 1, Year 1.Dexter borrowed $1 million specifically for the project by issuinga 10%, 5-year, $1 million note, which is payable on December 31 ofYear 3. Dexter also had a 12%, 5-year, $3 million note payable anda 10%, 10-year, $1.8 million note payable outstanding all year.In Year 1, Dexter incurred costs as follows:January 1$280,000March 1540,000June 301,000,000November 1420,000Calculate Dexter's capitalized interest on the studentcondominium complex for Year 1.Calculate Dexter's capitalized interest on the studentcondominium complex for Year 1.Required:Prepare the journal entry to record Hemingway’s acquisition ofthe equipment.