company wishes to finance a long$-$term construction project and in doing so$,$ capitalize the related interest expense. The company requires $$2$ million in financing. The company currently has the following debt and equity structure, which has been in place all year:Bonds payable $(8\%,$ Issue at par$)$$$1,000,000$Unsecured line of credit$$3,000,000$Mortgage payable $($manufacturing facility$)$$$6,500,000$Common Shares $($Par Value $$100)$$$1,000,000$On March $1$ of the current year, the company borrowed $$600,000$ on its unsecured line of credit.Construction immediately began. On April $15,,$ an additional $$1\mathrm{.}4$ million was borrowed to finance theproject using the same source. A total of $$240,000$ in interest costs were paid on the unsecured line of credit during the current year.The project was still underway at the end of the year.Required: Determine the amount of interest that the company would be able to capitalize related to this construction project. Show all of your work.