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 $1,750,000 at 8% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2021:

$8,000,000, 13% bonds$2,000,000, 8% long-term note

Construction expenditures incurred during 2021 were as follows:

January 1$760,000March 311,360,000June 30992,000September 30760,000December 31560,000

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

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