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, $650,000; March 31, $750,000; June 30, $550,000; October 30, $1,050,000. The company arranged a 10% loan on January 1 for $1,000,000. Assume the $1,000,000 loan is not specifically tied to the construction of the building. The companys other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 13% and 11%, 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%).)

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, $650,000; March 31, $750,000; June 30, $550,000; October 30, $1,050,000. The company arranged a 10% loan on January 1 for $1,000,000. Assume the $1,000,000 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 11%, 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%).) Expenditure Weight Average Date January 1, 2021 March 31, 2021 June 30, 2021 October 30, 2021 Accumulated expenditures Average Interest Rate Capitalized Interest Average accumulated expenditures