E$9\mathrm{.}9($LO $2)($Capitalization of Interest$)$ On December $31,2024,$ Main Inc. borrowed $$3,000,000$ at $12\%$ payable annually to finance the construction of a new building. In $2025,$ the company made the following expenditures related to this building: March $1,$ $$360,000$; June $1,$ $$600,000$; July $1,$ $$1,500,000$; December $1,$ $$1,500,000.$ The building was completed in February $2026.$ Additional information is provided as follows. Other debt outstanding: $10-$year, $13\%$ bond, December $31,2018,$ interest payable annually $$4,000,0006-$year, $10\%$ note, dated December $31,2022,$ interest payable annually $1,600,000$ March $1,2025,$ expenditure included land costs of $$150,000.$ Interest revenue of $$49,000$ earned in $2025.$ Instructions Determine the amount of interest to be capitalized in $2025$ in relation to the construction of the building. Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December $31,2025$