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Please help On January 1, 2024, the Mason Manufacturing Company began...

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Accounting

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On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30,2025 . Expenditures on the project were as follows: On January 1,2024 , the company obtained a $3 million construction loan with a 11% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2024 and 2025 . The company's other interest-bearing debt included two long-term notes of $5,800,000 and $7,800,000 with interest rates of 6% and 8%, respectively. Both notes were outstanding during all of 2024 and 2025 . Interest is paid annually on all debt. The company's fiscal year-end is December 31 Required: Using the weighted-average interest method, answer the following questions: 1. Calculate the amount of interest that Mason should capitalize in 2024 and 2025 using the weighted-average method. 2. What is the total cost of the building? 3. Calculate the amount of interest expense that will appear in the 2024 and 2025 income statements

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