In early February 2020, Monty Corp. began construction of an addition to its head office building that is expected to take 18 months to complete. The following 2020 expenditures relate to the addition: Feb. 1 Payment #1 to contractor $168,000 Mar. 1 Payment to architect 27,000 July 1 Payment #2 to contractor 62,900 Dec. 1 Payment #3 to contractor 186,000 Dec. 31 Asset carrying amount $443,900 On February 1, Monty issued a $108,000, three-year note payable at a rate of 10% to finance most of the initial payment to the contractor. No other asset-specific debt was entered into. Details of other interest-bearing debt during the period are provided in the table below: Principal amount Other Debt Instruments Outstanding-2020 8%, 15-year bonds, issued May 1, 2005, matured May 1, 2020 6%, 10-year bonds, issued June 15, 2014 $306,000 $497,000 7%, 12-year bonds, issued May 1, 2020 $306,000 What amount of interest should be capitalized for the fiscal year ending December 31, 2020, according to IAS 23? (Do not round intermediate calculations. Round capitalization rate to 2