On January 1, 2024, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2025. 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 2024:

$5,000,000, 17% bonds

$3,000,000, 13% long-term note

Construction expenditures incurred during 2024 were as follows:

January 1	$ 820,000
March 31	1,420,000
June 30	1,064,000
September 30	820,000
December 31	620,000

Required:

Calculate the amount of interest capitalized for 2024 using the specific interest method.

Note: Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).