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Martin Inc. began construction on a building in 2020 and paying a construction company $600,000...

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Accounting

Martin Inc. began construction on a building in 2020 and paying a construction company $600,000 in 2020. Martin also had avoidable interest of $30,000 and actual interest of $100,000 in 2020. Martin financed the construction with a $1,000,000, 10% loan specific to the project. The project was completed on September 30, 2021. Additional expenditures in 2021 were as follows:

Feb. 28

$ 90,000

Apr. 30

180,000

Jul. 1

36,000

Sept. 30

64,000

Required:

Once completed, how much is capitalized in Martins Building account? Show all your work.

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