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A company constructs a bullding for its own use. Construction began on January 1 and ended on December 3 0 . The expenditures for construction

A company constructs a bullding for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $600,000; March 31, $700,000; June 30, $500,000; October 30, $900,000. The campany arranged a 9% loan on January 1 for $900,000. Assume the $900,000 loan is not specifically tled to the construction of the bullding. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 11% and 6%, respectively.
Assuming the company uses the welghted-average method, calculate the amount of interest capitalized for the year. Note: Enter your answers in whole dollars and not in millions. Do not round intermediate calculations. Round your percentage answers to 2 decimal places (1.e.0.1234 should be entered as 1234%).
\table[[Date,Expenditure,,Weight,Average],[January 1,$,800,000,x,,212,=,$,600,000],[March 31,,700,000,x,,912,=,,525,000],[June 30,,500,000,x,,812,=,,250,000],[October 30,,900,000,x,,212,=,,150.000],[Accumulated expenditures,,2,700,000,,,,,,1,525,000
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