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Waterway Industries is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6,500,000 on March 31,$5,280,000 on June 1 , and $8,550,000 on December 31. Waterway Industries borrowed $6,200,000 on January 1 on a 5 year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 10%,3-year, $6,420,000 note payable and an 12.5%,4-year, $12,450,000 note payable. What should be the amount of capitalized interest? $1,115,875 $1,121,650 $1,010,458 $1,325,158