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 $10,600,000 and an effective interest rate of 9%. Construction expenditures incurred during 2018 were as follows: January 1 March 1 July 31 September 30 December 31 560,000 636,000 516,000 660,000 360,000 Required Calculate the amount of interest capitalized for 2018 Expenditure Weight January 1 March 1 July 31 September 30 December 31 Accumulated expenditure Cap Average Interest Rate