Eco-Friendly Development: On September 1, 2031, GreenEco Corporation contracted Blue Builders to construct a new eco-friendly development for $20,000,000. GreenEco made payments for the construction as follows: November 1, $4,000,000, January 1, $6,000,000, and December 31, $10,000,000. The construction was completed, and the development was ready for use on December 31, 2031. GreenEco had the following outstanding debt as of December 31, 2031:

i) A 8% three-year note to finance construction of the development, dated December 31, 2030, with interest payable annually on December 31. Principal amount: $12,000,000.

ii) A 5% five-year note payable, dated December 31, 2029, with interest payable annually on December 31. Principal amount: $8,000,000.

Required: i) Determine the amount of interest to be capitalized in 2031 in relation to the construction of the development. ii) Prepare journal entries for GreenEco Corporation during 2031.