On January 1,2020 , the Lola Company began construction of a building to be used as its office headquarters. The building was completed on June 30,2021. Expenditures on the project in 2020 , mainly payments to subcontractors, were as follows: On January 1, 2020, the company obtained a $3 million construction loan with a 7% interest rate. The loan was outstanding during the entire construction period and was specifically for the construction of the building. The company had other interest-bearing debt (outstanding during the entire construction period), as follows: Required: What amount of interest should be capitalized in 2020, using the specific interest method