Waterway Industries is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6,500,000 on March 31, $5,280,000 on June 1 , and $8,550,000 on December 31. Waterway Industries borrowed $6,200,000 on January 1 on a 5 -year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 10\%, 3-year, $6,420,000 note payable and an 12.5%,4-year, $12,450,000 note payable. What should be the amount of capitalized interest? \begin{tabular}{l} $1,010,458 \\ \hline$1,121,650 \\ $1,325,158 \\ \hline$1,115,875 \end{tabular} Waterway Industries is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures were $6,500,000 on March 31, $5,280,000 on June 1 , and $8,550,000 on December 31. Waterway Industries borrowed $6,200,000 on January 1 on a 5 -year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 10\%, 3-year, $6,420,000 note payable and an 12.5%,4-year, $12,450,000 note payable. What should be the amount of capitalized interest? \begin{tabular}{l} $1,010,458 \\ \hline$1,121,650 \\ $1,325,158 \\ \hline$1,115,875 \end{tabular}