On January 2, 2020, Sheffield Corp. began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2021. Expenditures for the construction were as follows:

January 2, 2020	$ 614000
September 1, 2020	1802400
December 31, 2020	1802400
March 31, 2021	1802400
September 30, 2021	1198000

Sheffield Corp. borrowed $3300000 on a construction loan at 10% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $13560000 in 7% bonds outstanding in 2020 and 2021. The interest capitalized for 2020 was:

$158200

$492520

$474600

$121480