On January 2, 2017, Sheridan Company began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2018. Expenditures for the construction were as follows: January 2, 2017 $ 594000 September 1, 2017 1814400 December 31, 2017 1814400 March 31, 2018 1814400 September 30, 2018 1191000 Sheridan Company borrowed $3220000 on a construction loan at 10% interest on January 2, 2017. This loan was outstanding during the construction period. The company also had $12480000 in 7% bonds outstanding in 2017 and 2018. The interest capitalized for 2017 was: $436800 $119880 $145600 $474120