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Thornton Industries began construction of a warehouse on July 1, 2021. The project was completed on March 31, 2022. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period:$2,000,000, 8% note$8,000,000, 4% noteConstruction expenditures incurred were as follows:a. July 1, 2021 $400,000b. Sep 30, 2021 600,000c. Nov 30, 2021 600,000d. Jan 30, 2021 540,000The company's fiscal year-end is December 31.Required:Calculate the amount of interest capitalized for 2022..
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Thornton Industries began construction of a warehouse on July 1, 2021. The project was completed on...
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