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. To help finance construction, the company arranged a 8% construction loan on January 1 for $800,000. 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 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 (i.e. 0.1234 should be entered as 12.34%).) Answer is not complete. Date Expenditure Weight Average January March 31 $ 550,000 12/12 $ 550,000 650,000 9/12 487,500 June 30 450,000 6/12 225,000 October 30 Accumulated expenditures 750.000 2/12 125.000 $2.400.000 $ 1.387.500 Average accumulated expenditures Average $1387.500 Interest Rate Capitalized Interest 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 (i.e. 0.1234 should be entered as 12.34%).) Answer is not complete. Date Expenditure Weight Average January 1 $ 550,000 ( 12/12 $550,000 March 31 650.000 x 9/12 487,500 June 30 450.000 6/12 225,000 October 30 750,000 x 2/12 125,000 Accumulated expenditures $2,400,000 $1.387,500 Average accumulated expenditures Construction loan Other loans (not construction) Average Interest Rate 1.387 500 Capitalized Interest $ 0 11.20 0 S 0