Exercise 10-23 (Algo) Interest capitalization (LO10-7] On January 1, 2021, the Shagni Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The only interest-bearing debt the company had outstanding during 2021 was long- term bonds with a book value of $11,500,000 and an effective interest rate of 10%. Construction expenditures incurred during 2021 were as follows: January 1$650,000 March 1 690,000 July 31 570, cee September 38 750,000 December 31 450,000 Required: Calculate the amount of interest capitalized for 2021 Weight Average Date January 1 March 1 July 31 September 30 December 31 Accumulated expenditure Expenditure X X = XXXX Amount Interest Rate Capitalized Interest Average accumulated expenditures %