Exercise 10-23 (Static) Interest capitalization [LO10-7] On January 1, 2021, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The only interest-bearing debt the company had outstanding during 2021 was long-term bonds with a book value of $10,000,000 and an effective interest rate of 8%. Construction expenditures incurred during 2021 were as follows: January 1 March 1 July 31 September 30 December 31 $ 500,000 600,000 480,000 600,000 300,000 Required: Calculate the amount of interest capitalized for 2021.