Exercise $10-23($Algo$)$ Interest capitalization $[$LO$10-7]$

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 $$11,300,000$ and an effective interest rate of $8\%.$ Construction expenditures incurred during $2024$ were as follows:

January $1$$ $630,000$March $1678,000$July $31558,000$September $30730,000$December $31430,000$

Required:

Calculate the amount of interest capitalized for $2024.$