X Your answer is incorrect. Situation 1 On January 1, 2020, Whispering Winds Inc. signed a fixed-price contract to have Builder Associates construct a major head office facility at a cost of $5 million. It was estimated that it would take three years to complete the project. Also, on January 1, 2020, to finance the construction cost, Whispering Winds borrowed $5 million that is repayable in 10 annual instalments of $500,000, plus interest at the rate of 10%. During 2020, Whispering Winds made deposit and progress payments totalling $1.5 million under the contract; the weighted-average amount of accumulated expenditures was $769,000 for the year. The excess amount of borrowed funds was invested in short-term securities, from which Whispering Winds realized investment income of $25,000. For situation 1, what amount should Whispering Winds report as capitalized borrowing costs at December 31, 2020? (If an answer is zero, please enter 0. Do not leave any fields blank.) Capitalized borrowing $ 76900