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Exercise 10-8 (Part Level Submission) On December 31, 2013, Main Inc. borrowed $5,340,000 at 13% payable...

Exercise 10-8 (Part Level Submission) On December 31, 2013, Main Inc. borrowed $5,340,000 at 13% payable annually to finance the construction of a new building. In 2014, the company made the following expenditures related to this building: March 1, $640,800; June 1, $1,068,000; July 1, $2,670,000; December 1, $2,670,000. The building was completed in February 2015. Additional information is provided as follows. 1. Other debt outstanding 10-year, 12% bond, December 31, 2007, interest payable annually $7,120,000 6-year, 11% note, dated December 31, 2011, interest payable annually $2,848,000 2. March 1, 2014, expenditure included land costs of $267,000 3. Interest revenue earned in 2014 $87,220 (a) Determine the amount of interest to be capitalized in 2014 in relation to the construction of the building. (Round answer to 0 decimal places, e.g. 5,275.) The amount of interest

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