Brief Exercise 10-14 - Please show step in detail

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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. $540,000: March 31. $640,000: June 30. $440,000: October 30. $720,000 To help finance construction, the company arranged a 7% construction loan on January 1 for $780,000. The company's other borrowings, outstanding for the whole year, consisted of a $5 million loan and a $7 million note with interest rates of 9% and 6%, 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 (i.e. 0.1234 should be entered as 12.34%).)