E 10-25 Interest capitalization; multiple periods LO10-7 Thornton Industries began construction of a warehouse on July 1, 2021. The project was completed on March 31, 2022. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $2,000,000, 8% note $8,000,000, 4% bonds Construction expenditures incurred were as follows: July 1, 2021 September 30, 2021 November 30, 2021 January 30, 2022 The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2021 and 2022. $400,000 600,000 600,000 540,000