More info To specifically finance the project, Swope issued $3,100,000 of 3-year, 9% notes payable on January 2. Interest is payable annually on December 31 each year. Prior to the commencement of the latest construction project, Swope had other debt in its capital structure. All general debt is outstanding as of the beginning of the current year. The general debt consists of $5,400,000 par value, 7% bonds payable and a $1,700,000, 13% note payable. Both debt instruments require annual interest payments each December 31. Print Done Swope Corporation engaged Sir Johnson, Inc. to design and construct a manufacturing facility. Construction began on January 2 and was completed on December 31 of the current year. The following payments were made to the contractor during the year: i (Click the icon to view additional information.) (Click the icon to view payments.) Read the requirements Requirement a. Compute the weighted-average accumulated expenditures for the current year. (Round intermediary calculations to the nearest d Weighted-average accumulated expenditures for the current year = Payments Requirement b. Compute the amount of avoidable interest and actual interest cost for the current year. (Round your answer to the nearest whole Let's begin by calculating the actual interest for the current year. Date Amount January 2 August 1 $ 3,400,000 Actual interest for the current year = October 1 Now, compute the avoidable interest for the current year. (Round any percentages to the nearest hundredth of a percent, XXX%. Round your ans Avoidable interest for the current year = December 1 1,600,000 3,800,000 1,100,000 Requirement c. Indicate the amount of total interest to be capitalized and the amount of interest expense for the year. Interest to be capitalized = Interest to be expensed = Print Done O - X Requirement d. Prepare the journal entry to record the December 31 interest payments. Assume that the interest is paid in cash and that any interest capitalized is recorded in the Construction in Progress account (Record debits first, then credits Exclude explanations from any journal entries.) Account December 31