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, $640,000; March 31, $740,000; June 30, $540,000; October 30, $1,020,000. The company arranged a 9% loan on January 1 for $980,000. Assume the $980,000 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 11% and 8%, 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%).) January 1, 2021 Date Expenditure Weight Average $ 640,000 x 12/12 = $ 640,000 March 31, 2021 740,000 x 9/12= 555,000 June 30, 2021 October 30, 2021 540,000 x 6/12 = 270,000 1,020,000 x 2/12 = 170,000 Accumulated expenditures $ 2,940,000 $ 1,635,000 Amount Interest Rate Average accumulated expenditures All loans $ 1,635,000 = Capitalized Interest % = $ 0 % = 0 $ 0