7 On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2019. The company borrowed $1,650,000 at 10% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018 0.85 points $6,000,000, $4,000,000, 15% 10% bonds long-term note eBook Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $ 720,000 1,320,000 944,000 720,000 520,000 Ask Print Required: Calculate the amount of interest capitalized for 2018 using the specific interest method. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).) References Date Expenditure Weight Average January 1 March 31 June 30 September 30 December 31 Accumulated expenditure Capitalized Interest Average Interest Rate Average accumulated expenditures Mc