On December 31,2019 , Concord Inc. borrowed $3,300,000 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,$396,000; June 1,$660,000; July 1 , $1,650,000; December 1, \$1,650,000. The building was completed in February 2021. Additional information is provided as follows. Part 1 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 Attempts: 0 of 3 used Part 2 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 0 for the amounts.)