On January 1, 202x, You Co. had the following borrowings made for general purposes and a part of the proceeds was used to finance the construction of a qualifying asset. Principal 12% short-term note 14% bank loan (3 years) 16% note payable (5 years) The construction of the qualifying asset was stated on immediately and expenditures incurred on the qualifying asset were as follows: January 31 March 31 July 30 October 1 December 31 40,000,000 72,000,000 88,000,000 How much is the capitalized borrowing cost? 19,200,000 8,800,000 14,000,000 21,600,000 1,200,000