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, 12% note

$7,000,000, 7% bonds

Construction expenditures incurred were as follows:

July 1, 2021	$	700,000
September 30, 2021		990,000
November 30, 2021		990,000
January 30, 2022		930,000

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 percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).)

Date	Expenditure		Weight					Average
July 1, 2021		x					=
September 30, 2021		x					=
November 30, 2021		x					=
Accumulated expenditures
	Amount		Interest Rate					Capitalized Interest
Average accumulated expenditures		x		%	x		=

• 2021

Date	Expenditure		Weight					Average
January 1, 2022		x					=
January 30, 2022		x					=
	Amount		Interest Rate					Capitalized Interest
Average accumulated expenditures		x			x		=