Homework Saved On January 1, 2018, the Highlands Company began construction on a new manufacturing facility for Its own use. The building was completed in 2019. The company borrowed $2,350,000 at 9 % on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018 $7,000,000, 14 bonds 3,000,000, 9 long-term note Construction expenditures incurred during 2018 were as follows: January March 31 June 30 September 30 s 960,000 1,560,000 1,232,000 960,000 760,000 December 31 Required Calculate the amount of interest capitalized for 2018 using the specific interest method. (Do not round the intermediate calculations Round your percentage answers to 1 decimal place (Le. 0.123 should be entered as 12.3 %).) Date Expenditure Weight Average January 1 March 31 June 30 September 30 December 31 Accumulated expenditure Capitalized Interest Interest Rate Average Average accumulated expenditures