Exercise 10-24 (Algo) Interest capltallzation [LO10-7] On January 1, 2021. the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022 The company borrowed $1,700.000 at 7% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: $7,000,000, 12% bonds $3,000,000, 7% long-term note Construction expenditures incurred during 2021 were as follows: $ 740,000 January 1 March 31 1,340,000 968,000 740,000 540,000 June 30 September 30 December 31 Requlred: Calculate the amount of interest capitalized for 2021 using the specific interest method. (Do not round the Intermedlate calculations. Round your percentage answers to 1 declmal place (I.e. 0.123 should be entered as 12.3%).) Expenditure Date Weight Average January 1 March 31 X June 30 September 30 December 31 X Accumulated expenditure Interest Capitalized Interest Average Rate Average accumulated expenditures X