On January 1, 2021, Roy Media, Inc. began construction of a commercial office building. The buidling was finished and ready for use on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 $210,000 September 1, 2021 $312,000 December 31, 2021 $312,000 March 31, 2022 $312,000 September 30, 2022 $210,000 Roy Media borrowed $754,000 on a construction loan at 8% interest on January 1, 2021. This loan was outstanding throughout the construction period. The company had $4,520,000 in 8% bonds payable outstanding in 2021 and 2022. Interest (using the specific interest method) capitalized for 2021 was: Multiple Choice O $37,120. $25,120. $49,120. O $31,120