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Exercise 10-23 (Algo) Interest capitalization [LO10-7] On January 1, 2024, the Shagri Company began construction on a new manufacturing facility for its own use. The building was compieted in 2025. The only interest-bearing debt the company had outstanding during 2024 was fong-term bonds with a book value of $10,300,000 and an effective interest rate of 8%. Construction expenditures incurred duing 2024 were as follows: Required: Calculate the amount of interest capitalized for 2024