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, $550,000; March 31, $650,000; June 30, $450,000; October 30, $750,000. The company arranged a 8% loan on January 1 for $800,000. Assume the $800,000 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 10%, 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%).) Date Weight 12/12 $ 9/12 = January 1, 2021 March 31, 2021 June 30, 2021 October 30, 2021 Accumulated expenditures Expenditure $ 550,000 x 650,000 x 450,000 x 750,000 x $ 2,400,000 Average 550,000 487,500 225,000 125,000 1,387,500 6/12 = 2/12 = $ Amount Interest Rate Capitalized Interest Average accumulated expenditures $ 1,387,500 % = $ 0 1,387,500 % = 0 $ 0