On January 1, 2020, Concord Corporation purchased land for an office site by paying $2740000 cash. Concord began construction on the office building on January 1. The following expenditures were incurred for construction: Date Expenditures

January 1, 2020 $1790000

April 1, 2020 2530000

May 1, 2020 4490000

June 1, 2020 4880000

June 1, 2020 4880000

The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3560000 was borrowed on January 1, 2020 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $1590000, 12%, 6-year note payable dated January 1, 2020. Assume the weighted-average accumulated expenditures for the construction project are $4360000. The amount of interest cost to be capitalized during 2020 is

(Please show step-by-step explaination)