Brief Exercise 10-17 (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,$700,000, March 31,$800,000, June 30,$600,000,0, $, $ ber 30,$1,200,000. To help finance construction, the company arranged a 8% construction loan on January 1 for $1,100,000. The companys other borrowings, outstanding for the whole year, consisted of a $7 milion ioan and a $9 million note with interest rates of 10% and 6%, respectively. Assuming the company uses the specific interest 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 (t.e. 0.1234 should be entered as 12.34% )