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 $10,400,000 and an effective interest rate of 7%. Construction expenditures incurred during 2021 were as follows: January 1 $540,000 624,000 504,000 640,000 340,000 March 1 July 31 September 30 December 31 Required: Calculate the amount of interest capitalized for 2021. Date Expenditure Weight Average January 1 March 1 July 31 %3D September 30 %3D December 31 %3D Accumulated expenditure Interest Capitalized Interest Average Rate Average accumulated expenditures %3D IL ||