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{"ops":[{"insert":"On June 1, 2020, the Crocus Company began construction of a new manufacturing plant. The plant was completed on October 31, 2021. Expenditures on the project were as follows ($ in millions):\n\n July 1, 2020\n 54\n October 1, 2020\n 22\n February 1, 2021\n 30\n April 1, 2021\n 21\n September 1, 2021\n 20\n October 1, 2021\n 6\n \nOn July 1, 2020, Crocus obtained a $70 million construction loan with a 6% interest rate. The loan was outstanding through the end of October, 2021. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 8%. This note was outstanding during all of 2020 and 2021. The company's fiscal year-end is December 31.\n\nWhat is the amount of interest that Crocus should capitalize in 2020, using the specific interest method?\nA) $1.90 million.\nB) $1.95 million.\nC) $2.96 million.\nD) None of these answer choices are correct.\n\n"}]}
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