Exercise 10-25 Interest capitalization; multiple periods [L010-7] Thornton Industries began construction of a warehouse on July 1, 2018. The project was completed on March 31, 2019 No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $6,000,000, note $9,000,000, bonds 7% 3% Construction expenditures incurred were as follows: July 1, 2018 $ 700,000 September 30, 1,050,000 2018 November 30, 2018 January 30, 2019 1,050,000 990,000 The company's fiscal year-end is December 31 Required: Calculate the amount of interest capitalized for 2018 and 2019 Complete this question by entering your answers in the tabs below. 2019 2018 Calculate the amount of interest capitalized for 2018. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (ie. 0.123 should be entered as 12.3%).) Date Expenditure Weight Average July 1, 2018 September 30, 2018 November 30, 2018 Accumulated expenditures 0 0 Capitalized Interest Interest Rate Amount Average accumulated expenditures 0 K 2018 2019> 2018 2019 Calculate the amount of interest capitalized for 2019. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (ie. 0.123 should be entered as 12.3%).) Weight Date Expenditure Average January 1, 2019 January 30, 2019 0 0 Interest Rate Capitalized Interest Amount Average accumulated expenditures 2018 2019