Sustainable Urban Development: On October 1, 2032, EcoBuild Solutions contracted GreenBuilders to construct a new sustainable urban development project for $25,000,000. EcoBuild made payments for the construction as follows: December 1, $5,000,000, February 1, $7,500,000, and December 31, $12,500,000. The construction was completed, and the project was ready for use on December 31, 2032. EcoBuild had the following outstanding debt as of December 31, 2032:

i) A 9% three-year note to finance construction of the project, dated December 31, 2031, with interest payable annually on December 31. Principal amount: $15,000,000.

ii) A 6% five-year note payable, dated December 31, 2030, with interest payable annually on December 31. Principal amount: $10,000,000.

Required: i) Determine the amount of interest to be capitalized in 2032 in relation to the construction of the project. ii) Prepare journal entries for EcoBuild Solutions during 2032.