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On January 1,2024, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2025. The company borrowed $2,100,000 at 8% on January 1 to help finance the construction in addition to the construction loan, Highlands had the following debt outstanding throughout 2024: $7,000,000,13% bonds $3,000,000,8% long-term note Construction expenditures incurred during 2024 were as follows: Required: Calculate the amount of interest capitalized for 2024 using the specific interest method. 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% )