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, $670,000; March 31, $770,000; June 30, $570,000; October 30, $1,110,000. To help finance construction, the company arranged a 8% construction loan on January 1 for $1,040,000. The companys other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 9% and 6%, respectively.

Assuming the company uses the specific interest method, Calculate the amount of interest capitalized for the year. (Do not round intermediate calculations.)