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, $620,000; March 31, $720,000; June 30, $520,000; October 30, $960,000. To help finance construction, the company arranged a 7% construction loan on January 1 for $940,000. The company's other borrowings, outstanding for the whole year, consisted of a $3 million loan and a $5 million note with interest rates of 8% and 6%, respectively. Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year. (Do not round intermediate calculations. Round your percentage answers to 2 decimal places (.e. 0.1234 should be entered as 12.34%).) Date Expenditure Weight Average January 1 March 31 = June 30 October 30 Accumulated expenditures $ 0 $ 0 Average Interest Rate Capitalized Interest Average accumulated expenditures $ 0 % $ 0 % 0 $ 0