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, $700,000, March 31, $800,000; June 30, $600,000; October 30, $1,200.000 To help finance construction, the company arranged a 8% construction loan on January 1 for $1,100,000 The company's other borrowings, outstanding for the whole year, consisted of a $7 million loan and a $9 million note with interest rates of 10% 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.) Interest capitalized