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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,$660,000; March 31,$760,000; June 30,$560,000; October 30,$1,080,000. The company arranged a 7% loan on January 1 for $1,020,000. Assume the $1,020,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $2 million loan and a $4 million note with interest rates of 9% 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],[,Amount,,Interest Rate,,\table[[Capitalized],[Interest]]],[Average accumulated expenditures,,,,,=,],[,,,%,=,],[,,,%,=,],[,,,,,,]]
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