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A company constructs a building for its own use. Construction began on January 1 and ended on December 3 0 . The expenditures for construction

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,$520,000; March 31,$620,000; June 30,$420,000; October 30,$660,000. To help finance construction, the company arranged a 9% construction loan on January 1 for $740,000. The company's other borrowings, outstanding for the whole year, consisted of a $3 million loan and a $5 million note with interest rates of 10% and 6%, respectively.
Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year. Note: Enter your answers in whole dollars and not in millions. Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e.0.1234 should be entered as 12.34%).
\table[[Date,Expenditure,,Weight,,Average],[January 1,$,525,000,x,,1212,=,$,525,000],[March 31,,620,000,x,,912,=,,465,000],[June 30,,420,000,x,,612,=,,210,000],[October 30,,660,000,x,,212,=,,110,000],[Accumulated expenditures,,2,225,000,,,,,,1,310,000
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