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On January 1, 2021, Dreamworld Co. began construction of a new warehouse. The building was...

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Accounting

On January 1, 2021, Dreamworld Co. began construction of a new warehouse. The building was finished and ready for use on September 30, 2022. Expenditures on the project were as follows:

January 1, 2021

$

300,000

September 1, 2021

$

450,000

December 31, 2021

$

450,000

March 31, 2022

$

450,000

September 30, 2022

$

300,000

Dreamworld had a $5,000,000 construction loan outstanding for the entire construction period. The rate on the construction loan was 12%.

Dreamworld's capitalized interest in 2021 was:

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