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 $11,400,000 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 $ 640,000 684,000 564,000 740,000 440,000 Required: Calculate the amount of interest capitalized for 2018. Date Expenditure Weight Average X January 1 March 1 July 31 September 30 December 31 X X Accumulated expenditure Average Interest Rate Capitalized Interest Average accumulated expenditures %