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Current Attempt in Progress On December 31,2021, Culver Group borrowed HK $2,880,000 at 12%...

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Accounting

Current Attempt in Progress
On December 31,2021, Culver Group borrowed HK $2,880,000 at 12% payable annually to finance the construction of a new building. In 2022, the company made the following expenditures related to this building: March 1, HK $345,600; June 1, HK $576,000; July 1, HK$1,440,000; December 1, HK$1,152,000. Additional information is provided as follows.
Other debt outstanding
10-year, 13% bond, December 31,2015, interest payable annually
HK$3,840,000
6-year, 12% note, dated December 31,2019, interest payable annually
HK$1,536,000
March 1,2022, expenditure included land costs of HK$144,000
Interest revenue earned in 2022 on funds related to specific borrowing
HK$47,040
(a)
Your answer is incorrect.
Determine the amount of borrowing cost to be capitalized in 2022 in relation to the construction of the building. (Round answer to O decimal places, e.g.5,275.)
The amount of borrowing cost HK$
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