A building was constructed last year for Agro Co. for use as a production facility. Construction began on January 1 and was completed on December 31. The payments to the contractor were as follows. Payment $500,000 800,000 1,000,000 600,000 To finance construction of the building, a $1,500,000, 12% construction loan was taken out on January 1, The loan was repaid on December 31. The firm had two sources of general debt: $800,000 note payable, 8% annual interest, and $1,200,000 par value bonds, 10% annual interest. Determine the amount of interest to be capitalized Date 1/1 3/31 9/30 11/1 Page 4