On January 2, 2020, Sheridan Company 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 $ 608000 September 1, 2020 1813200 December 31, 2020 1813200 March 31, 2021 1813200 September 30, 2021 1216000 Sheridan Company borrowed $3380000 on a construction loan at 10% interest on January 2, 2020. This loan was outstanding during the construction period. The company also had $12360000 in 7% bonds outstanding in 2020 and 2021. The interest capitalized for 2020 was: $121240 $144200 $486760 $432600