Waller Quarry Co. is constructing a large drilling machine that qualifies for interest capitalization. The table below shows all debt (which is outstanding for the entire year) and all construction expenditures during the year. Outstanding debt $200,000 of construction specific 7% bonds $125,000 of general purpose 5% notes $50,000 of general purpose 11% bonds Construction expenditures $280,000 on February 1 $450,000 on August 31 What is the amount of capitalized interest during the year? Round all amounts to the nearest dollar and interest percentages to 1 decimal place (e.g., 5.3% or 0.053). Please put your answer in bold font. To receive credit, you must show your work.