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 $1,550,000 at 7% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2024: $9,000,000, 11% bonds $3,000,000, 7% long-term note Construction expenditures incurred during 2024 were as follows: January 1 March 31 June 30 September 30 December 31 Required: $ 680,000 1,280,000 896,000 680,000 480,000 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%). Date January 1 March 31 Expenditure Weight x x June 30 x September 30 x December 31 Accumulated expenditure $ 0 $ Average Date Expenditure Weight = Average January 1 March 31 June 30 x X = X = September 30 X = December 31 X = Accumulated expenditure $ 0 Amount Interest Rate Average accumulated expenditures $ 0 x X $ Capitalized Interest 0 do de % = $ 0 % = 0 $ 0