A company constructs a building for its own use. construction began on janiary 1 and ended on december 30. the expenditures for construction were as follows: January 1, $500,000; march 31, $600,000; june 30 $400,000; october 30 $600,000. To help finance construction, the company arranged a 7% construction loan on january 1 for $700,000. The companys other borrowings, outstanding for the whole year, consisted of $3 million loan and a $5 million note with interest rates of 8% and 6% respectively. assuming the company uses the weighted aversge method, calculate the amount of interest capitalized for the year.