During 2014, Black Corp. constructed a new manufacturing facility at a cost of $14,000,000. The weighted average accumulated expenditures for 2014 were calculated to be $6,000,000. The company had the following debt outstanding at December 31, 2014:
(a) 10 percent, five-year note to finance construction of the manufacturing facility, dated January 1, 2014, $4,000,000.
(b) 10 percent, 20-year bonds issued at par on April 30, 2013, $8,000,000.
(c) 9 percent, six-year note payable, dated March 1, 2013, $2,000,000.
Determine the amount of interest to be capitalized by Black for 2014.