7. (7 points) a building was constructed on land purchased last year at a cost of $150,000. construction began on january 1 and was completed on december 31. the payments to the contractor were as follows. date payment 1/1 $120,000 4/1 320,000 8/1 460,000 10/1 100,000 to finance construction of the building, a $400,000, 12% construction loan was taken out on january 1. the loan was repaid on december 31. the firm had $200,000 of other outstanding debt during the year at a borrowing rate of 8%. determine the amount of interest to be capitalized.