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, $670,000; March 31, $770,000; June 30, $570,000; October 30, $1,110,000. The company arranged a 8% loan on January 1 for $1,040,000. Assume the $1,040,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 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. (Do not round Intermediate calculations. Round your percentage answer to 2 decimal places (l.e. 0.1234 should be entered as 12.34%).) Date January 1, 2021 March 31, 2021 June 30, 2021 October 30, 2021 Accumulated expenditures Answer is complete but not entirely correct. Expenditure Weight Average $ 670,000 12/12 $ 670.000 770.000 9/12 577.500 570,000 6/12 285.000 1.110,000 2/12 185.000 $ 3,120,000 $ 1.717.500 X Amount Interest Rate Capitalized Interest Average accumulated expenditures All loans $ 1.717.500 1.717,500 7.20 % S 123.660 0 0.00 96 0 $ 123.880