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On January 1, 2021 , the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $2,250,000 at 11% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021 $4,000,000, 16% bonds $1,000,000, 11x long-tere note Construction expenditures incurred during 2021 were as follows: January 1 March 31 June 30 September 30 December 31 $ 920,000 1,520,000 1,164,000 920,000 720,000 Required: Calculate the amount of interest capitalized for 2021 using the specific interest method (Do not round the intermediate calculations Round your percentage answers to 1 decimal place le. 0.123 should be entered as 12.3%).) Expenditure Wolght Average January 1 March 31