$($Capitalization of Borrowing Costs$)$ In early February $2023,$ Huey Corp. began construction of an addition to its head office building that is expected to take $18$ months to complete. The following $2023$ expenditures relate to the addition:

Feb. $1$

$$

Payment #$1$ to contractor

$$

$$120,000$

Mar. $1$

$$

Payment to architect

$$

$24,000$

July $1$

$$

Payment #$2$ to contractor

$$

$60,000$

Dec. $1$

$$

Payment #$3$ to contractor

$$

$180,000$

Dec. $31$

$$

Asset carrying amount

$$

$$384,000$

On February $1,$ Huey issued a $$100,000,$ three$-$year note payable at a rate of $12\%$ to finance most of the initial payment to the contractor. No other asset$-$specific debt was entered into. Details of other interest$-$bearing debt during the period are provided in the table below:

Other Debt Instruments Outstanding$2023$

$$

Principal$$Amount

$9\%,15-$year bonds, issued May $1,2008,$ matured May $1,2023$

$$

$$300,000$

$7\%,10-$year bonds, issued June $15,2017$

$$

$$500,000$

$6\%,12-$year bonds, issued May $1,2023$

$$

$$300,000$

Instructions

What amount of interest should be capitalized for the fiscal year ended December $31,2023,$ according to IAS $23?$