On January 1, 2013, the Marjlee Company began construction of an office building to be used as it corporate headquarters. The building was completed early in 2014. Construction expenditures for 2013, which were incurred evenly throughout the year, totaled $4,300,000. Marjlee had the following debt obligations which were outstanding during all of 2013:

Construction loan, 10% ........................... $ 1,530,000

Long-term note, 7% .................................. 2,150,000

Long-term note, 3% .................................. 2,150,000

Required:

Calculate the amount of interest capitalized in 2013 for the building using the specific interest method.