Nezcorp (a calendar-year heavy construction company) built its own equipment storage facility. The following facts are relevant:

Construction began March 1, 2015; completed October 31, 2015

Subcontractors paid $3,400,000 to perform certain specialized work

Nezcorp used $7,500,000 of its own materials and $960,000 of its own labor

Nezcorp rented equipment to perform certain functions at cost of $640,000

Nezcorp dedicated 865 hours of use of its construction equipment (depreciation measured at $700 per hour)

Above $12,500,000 of cash expenditures (which EXCLUDES depreciation) was "injected" into construction process as follows:

March 1	15%
April 1	15%
May 1	20%
June 1	15%
July 1	10%
August 1	10%
September 1	10%
October	5%
	100%

Nezcorp took out a $4,750,000 construction loan at 9%. It also had the following long-term debt outstanding throughout the relevant months:

Debt	Amount	Interest
Note Payable	11,600,000	7.1%
Bonds Payable	20,000,000	4.5%

a. Determine the total amount capitalized as the cost of the storage facility.

b. Nezcorp had to acquire the land on which the storage facility would be built. The seller was paid $1,950,000. Acquisition cost $15,000 in lawyers' fees, filing fees, etc. To level and otherwise prepare the land for construction, Nezcorp spent $72,000 for labor and materials, in addition using 41 hours of the construction equipment referenced above. What amount will be capitalized as the cost of the land?