CAPITALIZED INTEREST

On Jan 1, 2019, Newton Company purchased land for an office site. Newton began construction on the office building on Jan 1. The following expenditures were incurred for construction:

Date Expenditures

March 1, 201 $ 3,000,000

April 1, 2019 1,680,000

May 1, 2019 3,000,000

December 1, 2019 4,800,000

The office was completed and ready for occupancy on December 31. To help pay for construction, and purchase of land $2,000,000 was borrowed on January 1, 2019 on a 9%, 3-year note payable. Other than the construction note, the only debts outstanding were the following notes dated January 1, 2019:

$500,000, 13%, 6-year note payable

$500,000, 11% 5-year note payable

What is amount of interest to be capitalized at December 31, 2019?