Situation III Skysong. Inc. has a fiscal year ending April 30. On May 1, 2025,...
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Situation III Skysong. Inc. has a fiscal year ending April 30. On May 1, 2025, Skysong borrowed $10,092,000 at 11% to finance construction of its own building. Repayments of the loan are to commence the month following completion of the building. During the year ended April 30, 2026, expenditures for the partially completed structure totaled $7,064,400 (weighted-average accumulated expenditures were $3,532,200 ). Interest earned on the unexpended portion of the loan amounted to $655,980 for the year. How much should be shown as capitalized interest on Skysong's financial statements at April 30, 2026? Capitalized interest on Skysong's financial statements
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