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 $1,600,000 at 10% 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, 15% bonds

$3,000,000, 10% long-term note

Construction expenditures incurred during 2018 were as follows:

January 1	$	640,000
March 31		1,240,000
June 30		848,000
September 30		640,000
December 31		440,000

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	$0					$0
	Average		Interest Rate			Capitalized Interest
Average accumulated expenditures	$0
		x		%	=	$0
		x		%	=	0
						$0