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, $620,000; March 31, $720,000; June 30, $520,000; October 30, $960,000. The company arranged a 7% loan on January 1 for $940,000. Assume the $940,000 loan is not specifically tied to the construction of the building. The companys other borrowings, outstanding for the whole year, consisted of a $3 million loan and a $5 million note with interest rates of 8% and 6%, respectively.

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