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, 10% note $7,000,000, 5% bonds Construction expenditures incurred were as follows: July 1, 2021 September 30, 2021 November 30, 2021 January 30, 2022 $ 760,000 1,140,000 1,140,000 1,080,000 The company's fiscal year-end Is December 31. Required: Calculate the amount of Interest capitalized for 2021 and 2022. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 2021 2022 Calculate the amount of interest capitalized for 2021. (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 July 1, 2021 Expenditure Weight Average $ 760,000 x 1,140,000 x 6/8- = $ 760,000 3/8 = 570,000 1,140,000x 1/8 = September 30, 2021 November 30, 2021 Accumulated expenditures $ 3,040,000 Amount Interest Rate Average accumulated expenditures $ 1,520,000 x 5.0% x 8/12 = < 2021 2022 > 190,000 $ 1,520,000 Capitalized Interest 38,000 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, 10% note $7,000,000, 5% bonds Construction expenditures incurred were as follows: July 1, 2021 September 30, 2021 November 30, 2021 January 30, 2022 $ 760,000 1,140,000 1,140,000 1,080,000 The company's fiscal year-end Is December 31. Required: Calculate the amount of Interest capitalized for 2021 and 2022. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 2021 2022 Calculate the amount of interest capitalized for 2021. (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 July 1, 2021 Expenditure Weight Average $ 760,000 x 1,140,000 x 6/8- = $ 760,000 3/8 = 570,000 1,140,000x 1/8 = September 30, 2021 November 30, 2021 Accumulated expenditures $ 3,040,000 Amount Interest Rate Average accumulated expenditures $ 1,520,000 x 5.0% x 8/12 = < 2021 2022 > 190,000 $ 1,520,000 Capitalized Interest 38,000