Exercise 10-25 (Algo) 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: $1,000,000, 12% note $4,000,000, 8% bonds Construction expenditures incurred were as follows: July 1, 2021 September 30, 2021 November 30, 2021 January 30, 2022 $ 600,000 900,000 900,000 840,000 The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2021 and 2022. Complete this question by entering your answers in the tabs below. 2021 2022 Calculate the amount of interest capitalized for 2021. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (1.e. 0.123 should be entered as 12.3%). ) Date Fynenditure Weight Averane Calculate the amount of interest capitalized for 2021 and 2022. Complete this question by entering your answers in the tabs below. 2021 2022 Calculate the amount of interest capitalized for 2021. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (l.e. 0.123 should be entered as 12.3%).) Date: July 1, 20211 Expenditure Weight $ September 30, 2021 November 30, 2021 600,000 x 900,000 x 6/6 $ Average 600,000 3/6 = 450,000 900,000 x 1/6 150,000 Accumulated expenditures ces $ 2,400,000 $ 1,200,000 Capitalized Amount Average accumulated expenditures $ 1,200,000 x Interest Rate: Interest % x 6/12 $ 0 2021 2022 > ired: late the amount of interest capitalized for 2021 and 2022. omplete this question by entering your answers in the tabs below. 2021 2022 Iculate the amount of interest capitalized for 2022. (Do not round the intermediate calculations. Round your percentage answer cimal place (i.e. 0.123 should be entered as 12.3%).) Date uary 1, 2022 uary 30, 2022 Expenditure Weight X X $ 0 Amount Interest Rate erage accumulated expenditures $ 0 x % X < 2021 2022 $ Average Capitalized Interest = $ 0