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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,$700,000; March 31,$800,000; June 30,$600,000; October 30,$1,200,000. The company arranged a 8% loan on January 1 for $1,100,000. Assume the $1,100,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $7 million loan and a $9 million note with interest rates of 10% and 6%, respectively.
Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year.
Note: Enter your answers in whole dollars and not in millions. Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e.0.1234 should be entered as 12.34%).
\table[[Date,Expenditure,,Weight,,,Average],[January 1,,x,,,=,],[March 31,,x,,,=,],[June 30,,x,,,=,],[October 30,,x,,,=,],[Accumulated expenditures,$,,,,0,5],[Amount,,Interest Rate,,2,\table[[Capitalized],[Interest]]],[Average accumulated expenditures,$,,,,=,],[,,,%,=,5],[,,,%,=,0],[,,,,,$M
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