Hawkins Corporation began construction of a motel on March 31, 2016. The project was completed on April 31, 2017. No new loans were required to fund construction. Hawkins does have the following two interest-bearing liabilities that were outstanding throughout the construction period:

$ 4,800,000, 6% note

$21,920,000, 10% bonds

Construction expenditures incurred were as follows:

March 31, 2016	$4,720,000
June 30, 2016	6,720,000
November 30, 2016	1,944,000
February 28, 2017	3,720,000

The companys fiscal year-end is December 31.

Required: Calculate the amount of interest capitalized for 2016 and 2017. (Round weighted average interest rate to 2 decimal places and final answers to the nearest whole dollar.) & Answer is complete but not entirely correct. 2016 2017 Amount of interest $ 655,354 $ 471,548 %