On January 1, 2024, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2025. The only interest-bearing debt the company had outstanding during 2024 was long-term bonds with a book value of $11,400,000 and an effective interest rate of 9%. Construction expenditures incurred during 2024 were as follows:

January 1	$ 640,000
March 1	684,000
July 31	564,000
September 30	740,000
December 31	440,000

Required:

Calculate the amount of interest capitalized for 2024.

\begin{tabular}{|c|c|c|c|c|c|} \hline Date & Expenditure & & Weight & & Average \\ \hline January 1 & & x & 0/12 & = & \\ \hline March 1 & & x & & = & \\ \hline July 31 & & x & & = & \\ \hline September 30 & & x & & = & \\ \hline December 31 & & x & & = & \\ \hline Accumulated expenditure & $ & & & & $ \\ \hline & Amount & & \begin{tabular}{c} Interest \\ Rate \end{tabular} & & \begin{tabular}{c} Capitalized \\ Interest \end{tabular} \\ \hline Average accumulated expenditures & $ & x & % & = & $ \\ \hline \end{tabular}