On January 1,2021 , the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2022 . The only interest-bearing debt the company had outstanding during 2021 was long-term bonds with a book value of $11,600,000 and an effective interest rate of 11%. Construction expenditures incurred during 2021 were as follows: Required: Calculate the amount of interest capitalized for 2021