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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,$620,000; March 31,$720,000; June 30,$520,000; October 30,$960,000. To help finance construction, the company arranged a 7% construction loan on January 1 for $940,000. The company's other borrowings, outstanding for the whole year, consisted of a $3 million loan and a $5 million note with interest rates of 8% and 6%, respectively.
Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year.
Note: Enter your answers in whole dollars and not in millions. Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e.0.1234 should be entered as 12.34%).
\table[[Date,Expenditure,,Weight,,Average],[January 1,,x,,=,],[March 31,,x,,=,],[June 30,,x,,=,],[October 30,,x,,=,],[Accumulated expenditures,$,,,2,$
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