On November of $2020$ the Construction Company was organized and on January $2,2021$ it purchased a building and land at a value of $$500,000.$ The closing statement listed the land at a value of $$200,000$ and the building at $$300,000.$ It was the intention of management to destroy the building and construct a new building. On January $2,2021$ the building was demolished at a cost of $$35,000.$ Scrap on the building was sold for $$20,000.$ On January $3$ construction began on the new building. The building was completed on December $31,2021.$

Expenditures for the new building were as follows:

Construction

Direct Materials Direct Labor Overhead

$1/2/2021$ $$40,000$ $$40,000$ $$25,000$

$4/01/202140,00060,00030,000$

$10/01/2021350,000450,000175,000$

In order to assist in financing construction, Construction Company obtained a $5-$ year $10\%$ construction loan for $$400,000.$

Other debt for the company was as follows:

$10$ Year, $10\%$ bonds $$1,000,000$

$5$ year, $13\%$ note $$500,000$

Without regard to your previous answers; what would be the total interest to be capitalized in $2021$ assuming that the average accumulated expenditures were $$500,000,$ and the weighted average interest rate was $12\%$ on the non$-$construction debt. $($Assume the Construction Company uses the specific interest method when capitalizing interest$).$