On January 1, 2016, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2017. The company borrowed $1,500,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2016: Construction expenditures incurred during 2016 were as follows: Calculate the amount of interest capitalized for 2016 using the specific interest method