On December 31, 2023, Concord Inc., a public company, borrowed $3 million at 12% payable annually to finance the construction of a new building. In 2024, the company made the following expenditures related to this building structure: March 1, $537,000; June 1, $654,000; July 1, $1.5 million (of which $399,000 was for the roof); December 1, $1.5 million (of which $705,000 was for the building

HVAC).

Additional information follows:

Other debt outstanding

$5-million, 10-year, 12% bond, dated December 31, 2016, with interest payable annually

$1.4-million, six-year, 11% note, dated December 31, 2020, with interest payable annually

2. The March 1, 2024 expenditure included land costs of $141,000.

3. Interest revenue earned in 2024 on the unused idle construction loan amounted to $54,400.

Determine the interest amount that could be capitalized in 2024 in relation to the building construction.