On March 1, 2020, Swifty Corporation purchased land for an office site by paying $2660000 cash. Swifty began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2020 $1750000 April 1, 2020 2480000 May 1, 2020 4530000 June 1, 2020 4710000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3690000 was borrowed on March 1, 2020 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $1470000, 12%, 6-year note payable dated January 1, 2020. The actual interest cost incurred during 2020 was