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Agasse Industries began construction of a new facility and took out a $1,500,000, 12% construction...

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Accounting

Agasse Industries began construction of a new facility and took out a $1,500,000, 12% construction loan on April 1, 2021. Agasse made payments to the general contractor of $337,000 on April 1, $837,000 on August 31, and $437,000 on December 31.

Required: figure the amount of interest that Agasse would capitalize in 2021. (Do not round intermediate calculations.)

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