The information on a company's financing for construction of manufacturing facility is given below: Borrowed $12,000,000 at a rate of 11%. Issued $2,000,000 of preferred shares with cumulative dividend rate of 8%. Temporarily invested $1,000,000 of the loan proceeds for the first six months of construction and earned 8% on the account. O Under US GAAP. the amount of financing costs to be capitalized in the first year is closest to: Select one: O A. $1,480,000 B. $1,320,000. O C. $1,280,000