Interest During Construction Marion Company is constructing a production complex that qualifies for interest capitalization. The following information is available: Capitalization period: January 1, 2016, to June 30, 2017 Expenditures on project: 2016: January 1 May 1 October 1 $624,000 501,000 516,000 2017: March 1 1,524,000 June 30 492,000 Amounts borrowed and outstanding: $1.6 million borrowed at 12%, specifically for the project $4 million borrowed on July 1, 2015, at 14% $16 million borrowed on January 1, 2011, at 8% Note: Round all final numeric answers to the nearest dollar. 1. Compute the amount of interest costs capitalized each year. Capitalized interest, 2016 Capitalized interest, 2017