E 10-25 Interest capitalization; multiple periods LO10-7 Thornton Industries began construction of a warehouse on July 1, 2024. The project was completed on March 31, 2025. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: Construction expenditures incurred were as follows: $2,000,000, 8% note $8,000,000, 4% bonds July 1, 2024 $400,000 September 30, 2024 600,000 November 30, 2024 600,000 January 30, 2025 540,000 The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2024 and 2025.