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Thomas Corporation borrowed $600,000on December 1,2018,to finance construction of a new office building. The interest...

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Accounting

Thomas Corporation borrowed $600,000on December 1,2018,to finance construction of a new office building. The interest rate on the loan was 8%. Construction began on January 1,2019, and the building was completed in March 2020. The following payments were made in2019 related to the building project:
January 1 Purchased the land $120,000
March 1 Made progress payment to contractor 150,000
August 1 Made progress payment to contractor 180,000
December 1 Made progress payment to contractor 90,000
How much of the interest should be capitalized?

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