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Transcribed image text: Saved Chapter 10 Exercises Help 00 8 Exercise 10-24 (Algo) Interest capitalization (L010-7) Dints On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. 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 2021: $7,000,000, 131 bonds $3,000,000, 8: long-term note Book Construction expenditures incurred during 2021 were as follows: Print Cererences January 1 March 31 June 30 September 30 December 31 $ 860,000 1,460,000 1,112,000 860,000 660,000 Required: Calculate the amount of interest capitalized for 2021 using the specific interest method. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%)) Average Date January 1 March 31 June 30 September 30 December 31 Accumulated expenditure Expenditure $ 360,000 x 1,460,000 x 1,112,000 860,000 560,000 $ 4,952,000 Wolght 12/12 9/12 6/12 3/12 0/12 = $ 0 Book Required: Calculate the amount of interest capitalized for 2021 using the specific interest method. (Do not round the intermediate calculations Round your percentage answers to 1 decimal place (l.e. 0.123 should be entered as 12.3%).) Print Average ferences Date January 1 March 31 June 30 September 30 December 31 Accumulated expenditure Expenditure $ 860,000 x 1,460,000 x 1,112,000 x 860,000 x 660.000 x $ 4,952,000 Welght 12/12 9/12 - 6/12 3/12 0/12 $ Amount Interest Rato Capitalized Interest $ 0 Average accumulated expenditures Construction loan Other loans (not construction) X $ 0 10.01% 13.01% I 0 $ 0