On 1 January, a company that prepares its financial statements according to International Financial Reporting Standards (IFRS) arranged financing for the construction of a new plant. The company:
·borrowed NZ$5,000,000 at an interest rate of 8%,
·issued NZ$5,000,000 of preferred shares with a cumulative dividend rate of 6%, and
·temporarily invested NZ$2,000,000 of the loan proceeds during the first six months of construction and earned 7% on that amount
The amount of financing costs to be capitalized to the cost of the plant in the first year is closest to:

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