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. The company arranged a 10% loan on January 1 for $1,080,000. Assume the $1,080,000 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 12% and 6%, respectively. Assuming the company uses the weighted-average 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%). x Answer is complete but not entirely correct. Date Expenditure Weight Average January 1 $ 690,000 x 12/12 0 = $ 690,000 March 31 790,000 x 9/12 592,500 June 30 590,000 x 6/12 0 = 295,000 October 30 1,170,000 x 2/12 = 195,000 Accumulated expenditures $ 3,240,000 $ 1,772,500 Amount Interest Rate Capitalized Interest Average accumulated expenditures $ 1,772,500 = All loans 1,080,000 X 10.00 X % $ 108,000 All loans X 1,681,780 X 8.40 X % 141,270 $ 249,270