On June 1,2023 , a company began construction of a new manufacturing plant. The plant was completed on October 31, 2024. Expenditures on the project were as follows ( $ in millions): On July 1, 2023, the company obtained a $100 million construction loan with a 6% interest rate. The loan was outstanding through the end of October, 2024. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 8%. This note was outstanding during all of 2023 and 2024. The company's fiscal year-end is December 31. What is the amount of interest that should be capitalized in 2024, using the specific interest method? Note: Round your answers to the nearest thousand. Multiple Choice $11,341,000 $11,376,000 $12,833,000 None of the other answer choices are correct