On January 1, 2021, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2022. The company borrowed $2,300,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021: $9,000,000, 13% bonds $6,000,000, 8% long-term note Construction expenditures incurred during 2021 were as follows: January 1 March 31 June 30 September 30 December 31 $ 940,000 1,540,000 1,208,000 940,000 740,000 Required: Calculate the amount of Interest capitalized for 2021 using the specific interest method. (Do not round the Intermediate calculations Round your percentage answers to 1 decimal place (1.e. 0.123 should be entered as 12.3%).) Expenditure Weight Average x 11 Date January 1 March 31 June 30 September 30 December 31 Accumulated expenditure = Amount Interest Rate Capitalized Interest Average accumulated expenditures % %