On December $31,2024,$ Splish Inc. borrowed $$4,440,000$ at $13\%$ payable annually to finance the construction of a new building. In $2025,$ the company made the following expenditures related to this building: March $1,$$$532,800$; June $1,$$$888,000$; July $1,$ $$2,220,000$; December $1,$$$2,220,000.$ The building was completed in February $2026.$ Additional information is provided as follows.

Other debt outstanding:

$10-$year, $14\%$ bond, December $31,2018,$ interest payable annually $$5,920,000$

$6-$year, $11\%$ note, dated December $31,2022,$ interest payable annually $2,368,000$

March $1,2025,$ expenditure included land costs of $$222,000.$

Interest revenue of $$72,520$ earned in $2025.$

Prepare the journal entry to record the capitalization of interest and the recognition of interest expense, if any, at December $31,2025.$