On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $1,500,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021:

$5,000,000,..................... 12% bonds
$3,000,000, ......................8% long-term note

Construction expenditures incurred during 2021 were as follows:

January 1 ..................$ 600,000
March 31 .................1,200,000
June 30 .......................800,000
September 30 ...........600,000
December 31 ...........400,000

Required:
Calculate the amount of interest capitalized for 2021 using the specific interest method.