On June 1, 2023, a company began construction of a new manufacturing plant. The plant was completed on October 31,2024 . Expenditures on the project were as follows ( $ in millions): On July 1, 2023, the company obtained a $94 million construction loan with a 8% interest rate. The loan was outstanding through the end of October, 2024. The company's only other interest-bearing debt was a long-term note for $100 million with an interest rate of 10%. This note was outstanding during all of 2023 and 2024 . The company's fiscal year-end is December 31 . What is the amount of interest that should be capitalized in 2023, using the specific interest method? Multiple Choice $3.99 million $4.04 million $5.05 million None of the other answer choices are correct