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 $2,000,000 at 13% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2018: $5,000,000, $3,000,000, 17% bonds 13% long-term note Construction expenditures incurred during 2018 were as follows: January 1 March 31 June 30 September 30 December 31 S 820,900 1,420,000 1,864,00e 820,000 620,000 Required: Calculate the amount of interest capitalized for 2018 using the specific interest method. (Do not round the intermediate calculati Round your percentage answers to 1 decimal place (ie, 0.123 should be entered as 12.3%).) Date Expenditure Weight January 1 March 31 une 30 September 30 S 820,000 x 1420,000 x 1064,000 x 820,000 x 620,000x 1212820,000 1,065,000 532,000 205,000 9/12 6/12 3/12 0/12 4,744,000 S 2,622,000 Average apitaliz Interest Rate Average accumulated expenditures 2,622,000 1701% 1301% n loan 5,000,000x S 3,000,000x - S850,000 390,000 S 1.240,000 r loans (not construction)