On January $1,2018,$ the Shagri Company began construction on a

new manufacturing facility for its own use. The building was

completed in $2019.$ The only interest$-$bearing debt the company had

outstanding during $2018$ was long$-$term bonds with a book value of

$$11,800,000$ and an effective interest rate of $7\%.$ Construction

expenditures incurred during $2018$ were as follows: January $1$ $

$680,000$ March $1708,000$ July $31588,000$ September $30780,000$

December $31480,000$ Required: Calculate the amount of interest

capitalized for $2018.$