Diaz Inc. began to construct a warehouse for its use on January 1, 20X1. The construction will take three years. Weighted-average expenditures for 20X1 have already been determined to be $3,000,000. The company has one specific as well as two non-specific loan borrowings. Details are as follows: Specific loan: $ 1,000,000 loan at 9% taken out 1/1/20X1 and due in 20X3. Non-specific loan #1: $ 2,000,000 loan at 10%. This loan was outstanding for all of 20X1. Non-specific loan #2: $ 3,000,000 loan at 12%. This loan was outstanding for all of 20X1. Special note: Round interest rates to two decimal places when expressed as a percentage (ex. .114321 = 11.43%) Question: What amount of interest should be capitalized for 20X1? Do not include symbols, decimals, or cents in your response. Answer: $Answer 1 Question 7