On January 1, year 1, the Maxlee Company began construction of an office building to be used as its corporate headquarters. The building was completed early in year 2. Construction expenditures for year 1, which were incurred evenly throughout the year, totaled $5,000,000. Maxlee had the following debt obligations which were outstanding during all of year 1: Construction loan, 10% $1,660,000 Long-term note, 9% 2,500,000 Long-term note, 6% 5,000,000 Required: Calculate the amount of interest capitalized in year 1 for the building using the specific interest method