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 $2,200,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $9,000,000, 10% bonds $6,000,000, 8% long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 $ 900,000 1,500,000 1,160,000 900,000 700,000 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 January 1 March 31 x x = June 30 x = September 30 x = December 31 x = Accumulated expenditure $ 0 Average Average accumulated expenditures $ 0 Interest Rate Average $ 0 Capitalized Interest x % = $ 0 x % = 0 $ 0