2 13 points Thornton Industries began construction of a warehouse on July 1, 2024. The project was completed on March 31, 2025. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $2,000,000, 8% note $8,000,000, 4% bonds Construction expenditures incurred were as follows: July 1, 2024 September 30, 2024 November 30, 2024 $ 400,000 600,000 600,000 540,000 January 30, 2025 The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2024 and 2025. Answer is not complete. Complete this question by entering your answers in the tabs below. 2024 2025 Calculate the amount of interest capitalized for 2025. Note: Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%). Date January 1, 2025 January 30, 2025 Expenditure Weight $ 2,000,000 8,000,000 x 2/3 x 2/3 $ 10,000,000 Amount Average accumulated expenditures S 2 x < 2024 Interest Rate % x Portion of Year Outstanding 2025 > Average $ 2 |= $ 2 Capitalized Interest |= $ 0