A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $520,000; March 31, $620,000; June 30, $420,000; October 30, $660,000. To help finance construction, the company arranged a 9% construction loan on January 1 for $740,000. The companys other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 10% and 6%, respectively.

Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year.