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, $510,000; March 31, $610,000; June 30, $410,000; October 30, $630,000. The company arranged a 8% loan on January 1 for $720,000. Assume the $720,000 loan is not specifically tied to the construction of the building. The companys other borrowings, outstanding for the whole year, consisted of a $2 million loan and a $4 million note with interest rates of 10% and 7%, respectively. Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year. Note: Enter your answers in whole dollars and not in millions.

Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year.

Note: Enter your answers in whole dollars and not in millions. Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34%).