In January of 2016, the Mateo Company began construction of its own storage facility. During 2016, $13.000.000 in construction costs were incurred as follows: January 1, $2,000,000. March 31, $4,000,000; June 30, $4,000,000; October 31, $3,000,000. Mateo took out a $4,000,000, 10% construction loan at the beginning of the year. The company had $20,000,000 in other interest-bearing debt with a weighted average interest rate of 8%. The facility was completed early in 2017. What amount of interest should Mateo capitalize in 2016 using the specific interest method? $600,000 $750,000 $680,000 $660,000 Average accumulated expenditures $7.500,000 ($2.000.000 times 12/12 + $4,000,000 times 9/12 + $4,000,000 times 6/12 + $3,000,000 times 2/12). Capitalized interest: $4.0000,000 times 10% + $3, 500.000 times 8% = $680,000