On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,550,000 at 7% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $9,000,000, 11% bonds $3,000,000, 7% long-term note Construction expenditures incurred during 2018 were as follows: January 1 $ 680,000 March 31 1,280,000 June 30 896,000 September 30 680,000 December 31 480,000 Required: Calculate the amount of interest capitalized for 2018 using the specific interest method. (Do not round the intermediate calculations