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On March 1, 2023. Spoelstra, Inc. borrows $1,120,000 on a three year, 8% loan to finance construction of a new building. Spoelstra also has $2,000,000

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On March 1, 2023. Spoelstra, Inc. borrows $1,120,000 on a three year, 8% loan to finance construction of a new building. Spoelstra also has $2,000,000 of 5% debt outstanding for all of 2023 . During 2023, the following events orcur: 6/1/23 - Spoelstra makes a $332,000 payment to the construction contractor, and work begins on the project. 8/1/23 - Spoelstra makes a $387,000 progress payment to the construction contractor. 11/1/23-Spoelstra makes a final payment of $299.000 to the contractor upon completion of construction. How much interest cost should be capitalized into the cost of the building

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