On January 1, 2021, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The only interest-bearing debt the company had outstanding during 2021 was long-term bonds with a book value of $10,900,000 and an effective interest rate of 7%. Construction expenditures incurred during 2021 were as follows:

January 1	$	590,000
March 1		654,000
July 31		534,000
September 30		690,000
December 31		390,000

Required: Calculate the amount of interest capitalized for 2021.

Required: Calculate the amount of interest capitalized for 2021. Expenditure Weight Average = Date January 1 March 1 July 31 September 30 December 31 Accumulated expenditure X x X Amount Interest Rate % Capitalized Interest Average accumulated expenditures X 11