On January 1,2024 , a company began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2025. Expenditures on the project were as follows: The company borrowed $784,000 on a construction loan at 11% interest on January 1 , 2024. This loan was outstanding throughout the construction period. The company had $4,670,000 in 8% bonds payable outstanding in 2024 and 2025 . Interest (using the specific interest method) capitalized for 2024 was: Multiple Choice $58,090. $70,090. $46,090. $52,090