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A company constructs a building for its own use. Construction began on January 1 and ended on December 3 0 . The expenditures for construction

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,$560,000; March 31,$660,000; June 30,$460,000; October 30,$780,000. To help finance construction, the company arranged a 9% construction loan on January 1 for $820,000. The company's other borrowings, outstanding for the whole year, consisted of a $2 million loan and a $4 million note with interest rates of 11% and 8%, respectively.
Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year.
Note: Enter your answers in whole dollars and not in millions. Do not round intermediaze calculations. Round your percentoge answers to 2 decimal places (i.e.0.1234 should be entered as 12.34%).
\table[[January 1,Expenditure,Weight,Average],[$,560,000,,,1212,=,$,560,000],[March 31,,660,000,x,,912,=,,495,000],[June 30,,460,000,x,,612,=,-,230,000],[October 30,,780,000,x,,212,=,,130,000],[Accumulated expenditures,$,2,460,000,,,,,,1,415,000
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