Exercise 10-23 (Algo) Interest capitalization [LO10-7] On January 1, 2024, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2025. The only interest-bearing debt the company had outstanding during 2024 was long-term bonds with a book value of $11,900,000 and an effective interest rate of 9%. Construction expenditures incurred during 2024 were as follows: January 19 March 1 $690,000 714,000 July 31 594,000 September 30 790,000 December 31 490,000 Required: Calculate the amount of interest capitalized for 2024. Date January 1 March 1 July 31 September 30 December 31 Accumulated expenditure Average accumulated expenditures Expenditure Weight Average X X X x Amount Interest Rate Capitalized Interest X