E 10-24 Interest capitalization L0107 On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $1.500,000 at 8% on January I to help finance the construction. In addition to the construction loan. Highlands had the following debt outstanding throughout 2021: $5.000.000, 12% bonds $3,000,000, 8% long term note Construction expenditures incurred during 2021 were as follows: January 1 March 31 June 30 $ 600,000 1,200,000 800,000 600,000 400.000 September 30 December 31 Required: Calculate the amount of interest capitalized for 2021 using the specific interest method