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, $690,000; March 31, $790,000; June 30, $590,000; October 30, $1,170,000. To help finance construction, the company arranged a 10% construction loan on January 1 for $1,080,000. 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 12% and 6%, respectively. Assuming the company uses the specific interest 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%). Date January 1 March 31 June 30 October 30 Accumulated expenditures Expenditure Weight Average $ 690,000 12/12 = $ 690,000 790,000 x 9/12 = 592,500 590,000 6/12 = 295,000 1,170,000 x 2/12 = 195,000 $ 3,240,000 $ 1,772,500 Amount Interest Rate Capitalized Interest Average accumulated expenditures $ 1,772,500 Construction loan 1,080,000 10.00% Other loans (not construction) 0 = $ 108,000 % = 0 $ 108,000