On January 1, 2016, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2017. The only interest-bearing debt the company had outstanding during 2016 was long-term bonds with a book value of $12,000,000 and an effective interest rate of 10%. Construction expenditures incurred during 2016 were as follows: Calculate the amount of interest capitalized for 2016