Palmyra Inc. purchased land on which to build its new headquarters building by paying $3,240,000 cash on February 1, 20X2. Palmyra began construction on that date. The following payments were made for construction during 20X2: February 1 $2,160,000 May 1 8,424,000 July 1 5,760,000 The building was completed on August 1,20X2. The construction of the building and the land purchase were financed in part by issuing a note payable with a face amount of $4,320,000 dated March 1, 20X2. The interest rate on the note is 9.2% and it is due in 5 years. Other than this note, the only other debt outstanding during 20X2 was a $12,750,000, 8%, 3-year note payable dated November 1, 20X1. What amount of actual interest expense did Palmyra incur in 20X2? Select answer from the options below $869,040 $1,417,400 $1,181,200 $1,351,200