Leclerc Co has borrowed $2.4 million to finance the building of a factory. Construction is expected to take two years. The loan was drawn down and incurred on 1 January 20X9 and work began on1 March 20X9. $1 million of the loan was not utilised until 1 July 20X9 so Leclerc was able to invest ituntilneeded.Leclerc Co is paying8%on the loan and can invest surplus funds at 6%. Calculate the borrowing costs to be capitalised for the year ended 31 December 20X9 in respect of this project.