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 $11,500,000 and an effective interest rate of 10%. Construction expenditures incurred during 2024 were as follows: Required: Calculate the amount of interest capitalized for 2024