Situation I On January 1, 2022, Concord Outfitters signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of R$4,960,000. It was estimated that it would take 3 years to complete the project. Also on January 1, 2022, to finance the construction cost. Concord borrowed R$4,960,000 payable in 10 annual installments of R$496,000, plus interest at the rate of 10%. During 2022. Concord made deposit and progress payments totaling R$1,860,000 under the contract. The excess borrowed funds were invested in short-term securities, from which Concord realized investment income of R$62,000. What amount should Concord report as capitalized borrowing cost at December 31, 2022? Capitalized borrowing cost R$