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 $2,050,000 at 11% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018:

$6,000,000, 16% bonds

$4,000,000, 11% long-term note

Construction expenditures incurred during 2018 were as follows:

January 1	$	840,000
March 31		1,440,000
June 30		1,088,000
September 30		840,000
December 31		640,000

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 (i.e. 0.123 should be entered as 12.3%).)

Date	Expenditure		Weight			Average
January 1		x			=
March 31		x			=
June 30		x			=
September 30		x			=
December 31		x			=
Accumulated expenditure
	Average		Interest Rate			Capitalized Interest
Average accumulated expenditures
		x		%	=
		x		%	=