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 $1,$ $$500,000$; March $31,$ $$600,000$; June $30,$ $$400,000$; October $30,$ $$600,000.$ To help finance

construction, the company arranged a $7\%$ construction loan on January $1$ for $$700,000.$ 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 $8\%$ and $6\%,$ respectively. Assuming the

company uses the specific interest method, calculate the amount of interest capitalized for the year.

Refer to the situation described in l BE $10-17.$ Assuming the company uses the weighted$-$average method, calculate the amount of interest capitalized for the year.

Also report the journal entry and effects $(2$ entries, $2$ effects$)$st capitalized for the year.