A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $630,000; March 31, $730,000; June 30, $530,000; October 30, $990,000. The company arranged a 8% loan on January 1 for $960,000. Assume the $960,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 13% and 7%, respectively. Assuming the company uses the weighted average method, calculate the amount of interest capitalized for the year. (Do not round intermediate calculations. Round your percentage answer to 2 decimal places (i.e. 0.1234 should be entered as 12.34%).) x Date January 1, 2021 March 31, 2021 June 30, 2021 October 30, 2021 Accumulated expenditures Expenditure $ 630,000 x 730,000 530,000 x 990,000 x $ 2,880,000 Weight 12/12 = 9/12 6/12 = 2/12 = Average $ 630,000 547,500 265,000 165,000 $ 1,607,500 AAE Interest Rate Capitalized Interest $ Construction loan = :% % Other loans (not construction) = 0 0 $