On December 31, 2019, Buffalo Inc. borrowed $4,140,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $496.800; June 1, $828,000; July 1, $2,070,000; December 1, $2,070,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually 6-year, 11% note, dated December 31, 2017 interest payable annually March 1, 2020, expenditure included land costs of $207,000 Interest revenue earned in 2020 $5,520,000 $2,208,000 2. 3. $67,620 Determine the amount of interest to be capitalized in 2020 in relation to the construction of the building. The amount of interest $ $ eTextbook and Media List of Accounts Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Cred Date December 31, 2020