Thornton Industries began construction of a warehouse on July 1, 2021. The project was completed on March 31, 2022. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period:

$3,000,000, 9% note

$7,000,000, 4% bonds

Construction expenditures incurred were as follows:

July 1, 2021	$	500,000
September 30, 2021		810,000
November 30, 2021		810,000
January 30, 2022		750,000

The companys fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2021 and 2022.

Calculate the amount of interest capitalized for 2021. (Do not round the intermediate calculations. Round your perc decimal place (i.e. 0.123 should be entered as 12.3% ).) Calculate the amount of interest capitalized for 2022 . (Do not round the intermediate calculations. Round your perc decimal place (i.e. 0.123 should be entered as 12.3\%).)