On January 1, 2024, the Shagri Company began construction on a new manufacturing facility for its own use. The building was completed in 2025. The only interest-bearing debt the company had outstanding during 2024 was long-term bonds with a book value of $10,000,000 and an effective interest rate of 8%. Construction expenditures incurred during 2024 were as follows:

Required:
Calculate the amount of interest capitalized for 2024.

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January 1 March 1 July 31 September 30 December 31 $500,000 600,000 480,000 600,000 300,000