During 2018, Madeline Industries Incorporated constructed a new manufacturing facility at a total cost of $7,257,143. Madeline incurred construction costs on the facility as follows:

January 2, 2018 $1,000,000

March 1, 2018 3,000,000

June 1, 2018 1,257,143

November 1, 2018 2,000,000

The project was completed on December 31, 2018. The company had the following debt outstanding at the start of construction:

1. 10%, five year loan to finance construction of the facility, dated January 2, 2018, $3,600,000
2. 12%, 20 year bonds issued at par on April 30, 2001, $8,400,000
3. 8%, ten year note payable, dated March 1, 2015, $1,800,000

Requirement

Determine the amount of interest to be capitalized by Madeline Industries for 2018.