A company constructs a building for its own use. Construction began on January 1 and ended on December 31. The expenditures for construction were as follows: January 1, $500,000; March 31, $600,000; June 30, $400,000; October 30, $600,000. To help finance construction the company arranged a 8% construction loan on January 1 for $1,500,000. Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year.