On January $1,2024,$ the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September $30,2025.$ Expenditures on the project were as follows:

January $1,2024$ $ $1,870,000$

March $1,20241,560,000$

June $30,20241,760,000$

October $1,20241,560,000$

January $31,2025414,000$

April $30,2025747,000$

August $31,20251,044,000$

On January $1,2024,$ the company obtained a $$4,600,000$ construction loan with a $15\%$ interest rate. The loan was outstanding all of $2024$ and $2025.$ The company$$s other interest$-$bearing debt included two long$-$term notes of $$2,000,000$ and $$8,000,000$ with interest rates of $8\%$ and $12\%,$ respectively. Both notes were outstanding during all of $2024$ and $2025.$ Interest is paid annually on all debt. The company$$s fiscal year$-$end is December $31.$

Required:

Calculate the amount of interest that Mason should capitalize in $2024$ and $2025$ using the specific interest method.

What is the total cost of the building?

Calculate the amount of interest expense that will appear in the $2024$ and $2025$ income statements.