Use the following information to answer the next two questions (24 and 25) On January 1, 2021. Heatherwick Studio began construction of an artistic structure to serve as a new tourist attraction in NYC. The structure o known as the Vessel was completed on July 31, 2022. Expenditures on the project, mainly payments to subcontractors, were as follow In 2021: January 1, 2021 $300,000 June 30, 2021 $400,000 September 30, 2021 $500,000 In 2022 January 31, 2022 $700,000 March 31, 2022 $420,000 On January 1, 2021. the company obtained a $1 million construction loan with a 10% interest rate. The loan was outstanding during the entire construction period. The company's other interest-bearing debt included two long-term notes of $4,000,000 and $6,000,000 with interest rates of 8% and 16%, respectively. Both notes were outstanding during the entire construction period What is the amount of interest capitalized in 20217 O $62.500 $74,000 CO $50.500 O $58.500