Pinewood Company purchased two buildings on four acres of land. The lump-sum purchase price was $2,600,000. According to independent appraisals, the fair values were $1,080,000 (building A) and $675,000 (building B) for the buildings and $945,000 for the land. Required: Determine the initial valuation of the buildings and the land. Asset Initial Valuation Building A Building B Land Total $ 0 On January 1, 2021, the Marjlee Company began construction of an office building to be used as its corporate headquarters. The building was completed early in 2022. Construction expenditures for 2021, which were incurred evenly throughout the year, totaled $5,100,000. Marjlee had the following debt obligations which were outstanding during all of 2021: Construction loan, 13% Long-term note, 12% Long-term note, 9% $1,275,000 1,700,000 3,400,000 Required: Calculate the amount of interest capitalized in 2021 for the building using the specific interest method