Thornton Industries began construction of a warehouse on July 1, 2024. The project was completed on March 31, 2025. No new loans were required to fund construction. Thornton does have the following two interest bearing abilities that were outstanding throughout the construction period: $1,000,000, 12% note $4,000,000, 8% bonds Construction expenditures incurred were as follows: July 1, 2024 September 30, 2024 November 30, 2024 January 30, 2025 $ 600,000 900,000 900,000 $40,000 The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2024 and 2025. Complete this question by entering your answers in the tabs below. 2024 2025 Calculate the amount of interest capitalized for 2024, Note: Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (ie, 0.123 should be entered as 12.3%). Required. Calculate the amount of interest capitalized for 2024 and 2025. Complete this question by entering your answers in the tabs below. 2024 2025 Calculate the amount of interest capitalized for 2024. Note: Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (1.e. 0.123 should be entered as 12.3%) Date Expenditure Weight July 1, 2024 $ 600,000 x 6/6 September 30, 2024 900,000 x 3/6 November 30, 2024 900,000 x 1/6 Accumulated expenditures $ 2,400,000 Amount Interest Rate Average accumulated expenditures $ 0x % 2024 Portion of Year Outstanding 2025 > # $ Average Capitalized Interest Required. Calculate the amount of interest capitalized for 2024 and 2025. Complete this question by entering your answers in the tabs below. 2024 2025 Calculate the amount of interest capitalized for 2025. Note: Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (ie. 0.123 should be entered as 12.3%). Date January 1, 2025 January 30, 2025 Expenditure Weight x $ 0 Average $ Amount Interest Rate Portion of Year Outstanding Capitalized Interest Average accumulated expenditures $ S