Abel Tesfaye Company borrowed P4,000,000 on a 10% note payable to finance a new warehouse Abel is constructing for its own use. The only other debt on Abels books is P6,000,000, 12% mortgage payable on an office building. The construction of the warehouse was completed in six months and the average accumulated expenditures amounted to P4,750,000.

What is the amount of interest that should be capitalized?