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Maleo Co. began construction of a new piece of equipment on January 1, 2020. Weighted...

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Accounting

Maleo Co. began construction of a new piece of equipment on January 1, 2020. Weighted average expenditures for the project were $80,030,000. Maleo Co.'s only outstanding debt was a note payable of $480,180,000 with a 5% interest rate that was outstanding all year. How much interest can Maleo Co. capitalize on the project?

$84,031,500

$24,009,000

$4,001,500

$0

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