In early February 2023, Bramble Corp. began construction of an addition to its head office building that is expected to take 18 months to complete. The following 2023 expenditures relate to the addition: Feb. 1 Mar. 1 July 1 Dec. 1 Dec. 31 Payment #1 to contractor Payment to architect Payment #2 to contractor Payment #3 to contractor Asset carrying amount $102,000 21,000 55,700 Amount of interest $ 183,000 $361,700 On February 1, Bramble issued a $102,000, three-year note payable at a rate of 10% to finance most of the initial payment to the contractor. No other asset-specific debt was entered into. Details of other interest-bearing debt during the period are provided in the table below: Other Debt Instruments Outstanding-2023 9%, 15-year bonds, issued May 1, 2008, matured May 1, 2023 8%, 10-year bonds, issued June 15, 2017 7%, 12-year bonds, issued May 1, 2023 Principal Amount $309,000 $490,000 $309,000 What amount of interest should be capitalized for the fiscal year ended December 31, 2023, according to IAS 23? (Do not round intermediate calculations. Round capitalization rate to 2 decimal places, e.g. 52.75% and final answer to 0 decimal places, e.g. 5,275.)

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.