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 $10,000,000 and an effective interest rate of 8%. Construction expenditures incurred during 2021 were as follows: January 1 $500,000 March 1 600,000 July 31 480,000 September 30 600,000 December 31 300,000 Required: Calculate the amount of interest capitalized for 2021