During 20x1, clark company manufactured equipment for its own use at a total cost of $2,400,000. the project required the entire year to complete and all costs were incurred uniformly throughout the year. at the beginning of the period, clark was able to borrow $1,500,000 at 6% specifically for the purchase of materials and the manufacture of the equipment. the entire debt, with interest was repaid on december 31, 20x1, replaced with a long-term loan. throughout 20x1, clark company had additional debt of $1,000,000 with a weighted average interest rate of 7%. if clark company capitalizes the maximum amount of interest allowable under gaap, how much will clark report as interest expense in 20x1?