Brief Exercise 10-14 (Algo) Interest capitalization (LO10-7) 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, $610,000, March 31, $710,000: June 30, $510,000; October 30, $930,000. To help finance construction, the company arranged a 10% construction loan on January 1 for $920,000. 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 12% and 9%, respectively. Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year. (Do not round Intermediate calculations. Round your percentage answers to 2 decimal places (.e. 0.1234 should be entered as 12.34%).) Expenditure Weight Average Date January 1 March 31 June 30 October 30 Accumulated expenditures Average Interest Rate Capitalized Interest Average accumulated expenditures