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 $10,500,000 and an effective interest rate of 8%. Construction expenditures incurred during 2021 were as follows: January 1 March 1 July 31 September 30 December 31 $550,000 630,000 510,000 650,000 350,000 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 = Amount Interest Rate % Capitalized Interest Average accumulated expenditures =