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Sun Inc. began construction of a new facility and took out a $13,000,000 10% construction...

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Accounting

Sun Inc. began construction of a new facility and took out a $13,000,000 10% construction loan on March 1, 2022. Sun made payments to the general contractor of $750,000 on May 1, $550,000 on August 31, and $400,000 on December 31. Required: Compute the amount of interest that Sun Inc. would capitalize in 2022.

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