Exercise 10-8 On December 31, 2016, Monty nc. borrowed 53,840,000 at 13% payable annually to finance the construction of a new building. In 2017, the company made the following expenditures related to this building: March 1.460,800,June 1 $768,000; July 1, $1,920,000; December 1, $1,920,000. The building was completed in February 2018. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2010, interest payable annually 6-year, 11% note, dated December 31, 2014, interest payable annually $5,120,000 $2,048,000 2. March 1, 2017, expenditure included land costs of S192,000 3. Interest revenue carned in 2017 $62,720 Determine the amount of interest to be capitalized in 2017 in relation to the construction of the building. The amount of interest