Thornton Industries began construction of a warehouse on July 1, 2021. The project was completed on March 31, 2022. No n

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Thornton Industries Began Construction Of A Warehouse On July 1 2021 The Project Was Completed On March 31 2022 No N 1 (26.63 KiB) Viewed 43 times

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 $3,000,000, 12% note $7,000,000, 7% bonds Construction expenditures incurred were as follows: July 1, 2021 September 10, 2021 November 30, 2021 January 10, 2022 $ 700,000 990,000 990,000 930,000 The company's fiscal year end is December 31 Required: Calculate the amount of interest capitalized for 2021 and 2022. Complete this question by entering your answers in the tabs below. 2021 2022