On January 1, 2021, Dreamworld Co. began construction of a new warehouse. The building was...
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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:
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| January 1, 2021 | $ | 300,000 |
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| September 1, 2021 | $ | 450,000 |
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| December 31, 2021 | $ | 450,000 |
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| March 31, 2022 | $ | 450,000 |
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| September 30, 2022 | $ | 300,000 |
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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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