Exercise 10-25 (Algo) 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: $3,000,000,12% note $7,000,000,7% bonds Construction expenditures incurred were as follows: The company's fiscal year-end is December 31 . Required: Calculate the amount of interest copitalized for 2024 and 2025. Complete this question by entering your answers in the tabs below. Calculate the amount of interest capitalized for 2024. Note: Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (li.e. 0.123 should be entered as 12.3%). Complete this question by entering your answers in the tabs below. Calculate the amount of interest capitalized for 2024. Note: Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (l.e. 0.123 should be entered as 12.3%) Complete this question by entering your answers in the tabs below. Calculate the amount of interest capitalized for 2025. Note: Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%)