on january 1, 2024, the highlands company began construction on a new manufacturing facility for its own use. the building was completed in 2025. the company borrowed $1,600,000 at 10% on january 1 to help finance the construction. in addition to the construction loan, highlands had the following debt outstanding throughout 2024: $7,000,000, 15% bonds $3,000,000, 10% long-term note construction expenditures incurred during 2024 were as follows: january 1$ 640,000 march 311,240,000 june 30848,000 september 30640,000 december 31440,000 required: calculate the amount of interest capitalized for 2024 using the specific interest method
