A company constructs a building for its own use. Construction began on Jan 1. and ended on Dec. 30. The expenditures for construction were as follows: Construction Expenditures Months Weighted Expenditure 1-Jan 210,000 x 100% (12/12) = 210,000 31-Mar 360,000 x 75% (9/12) = 270,000 30-Jun 470,000 x 50% (6/12) = 235,000 31-Oct 510,000 x 17% (2/12) = 85,000 1,550,000 800,000 The company arranged a 5% construction loan on Jan 1 for $660,000. The company also had a $5,000,000, 6.4% note outstanding the whole year The company uses a specific interest method to capitalize interest. Calculate the total cost of the building, including the capitalized interest.