On January 1,2020, Ivanhoe, Inc. signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of $4,155,000. It was estimated that it would take 3 years to complete the project. Also on January 1,2020 , to finance the construction cost, Ivanhoe borrowed $4,155,000 payable in 10 annual installments of $415,500, plus interest at the rate of 10%. During 2020 , Ivanhoe made deposit and progress payments totaling $1,558,125 under the contract; the weighted-average amount of accumulated expenditures was $831,000 for the year. The excess borrowed funds were invested in short-term securities, from which Ivanhoe realized investment income of $260,900. What amount should Ivanhoe report as capitalized interest at December 31, 2020? Capitalized interest $