Ret A company constructs a building for its own use. Construction began on January 1 and...

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Ret A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $500,000; March 31, $600,000; June 30, $400,000; October 30, $600,000. The company arranged a 7% loan on January 1 for $700,000. Assume the $700,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $3 million loan and a $5 million note with interest rates of 8% and 6%, respectively. Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year. (Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34%).) Answer is complete but not entirely correct. January 1, 2021 March 31, 2021 June 30.2021 Date: October 30, 2021 Accumulated expenditure Expenditure Weight Average 500,000 x 12/12= S 500,000 600,000 X 400,000 x 9/12 = 6/12= 450,000 200,000 600,000 X 2/12= 100,000 $ 2.100.000 $ 1,250,000 Average accumulated expenditures Amount $ 1,250,000 Interest Rate Capitalized interest 7300 Ret A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $500,000; March 31, $600,000; June 30, $400,000; October 30, $600,000. The company arranged a 7% loan on January 1 for $700,000. Assume the $700,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $3 million loan and a $5 million note with interest rates of 8% and 6%, respectively. Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year. (Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34%).) Answer is complete but not entirely correct. January 1, 2021 March 31, 2021 June 30.2021 Date: October 30, 2021 Accumulated expenditure Expenditure Weight Average 500,000 x 12/12= S 500,000 600,000 X 400,000 x 9/12 = 6/12= 450,000 200,000 600,000 X 2/12= 100,000 $ 2.100.000 $ 1,250,000 Average accumulated expenditures Amount $ 1,250,000 Interest Rate Capitalized interest 7300