During 2017, Grant Industries, Inc. was in the process of constructing a new manufacturing facility. The project began on January 1,2017 and ended on December 31,2017. There were two expenditures as follow: January 1, 2017 for $2,500,000 April 30, 2017 for $1,500,000 The company had the following debt outstanding during the entire construction project: (a) 8 percent, five-year note to finance construction of the manufacturing facility, dated (b) 12 percent, 20-year bonds issued at par on January 1,2010, $8,000,000. (c) 8 percent, six-year note payable, dated March 1, 2015, S2,000,000. Instructions: Determine the amount of interest to be capitalized by Grant Industries for 2017. Show your work by fo January 1, 2017, S3,600,000. (construction-specific loan)