On February 1, 2022, Tatum Co. spent $1,600,000 on construction of assets that qualified for capitalization of interest. Another $1,100,000 was spent on April 1, 2022, and construction was completed on July 1, when the asset was placed in service. Tatum's only debt outstanding during 2022 was a $5,000,000, 10%, 5-year note payable dated January 1, 2020. What is the amount of interest that should be capitalized by Tatum during 2020? 50,000,000