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: $2,000,000, 8% note $8,000,000, 4% bonds Construction expenditures incurred were as follows: July 1, 2021 September 30, 2021 November 30, 2021 January 30, 2022 $ 400,000 600,000 600,000 540,000 The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2021 and 2022. Required: Calculate the amount of interest capitalized for 2021 and 2022. Answer is not complete. 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%).) Weight x Date July 1, 2021 September 30, 2021 November 30, 2021 Accumulated expenditures Expenditure $ 400,000 600,000 600,000x $ 1,600,000 3/12 X 1/12 X Average $ 200,000 150,000 50,000 400,000 Amount Interest Rate Capitalized Interest $ 0 Average accumulated expenditures $ 400,000 X 0.5 % X 2021 2022 > Required: Calculate the amount of interest capitalized for 2021 and 2022. Answer is not complete. Complete this question by entering your answers in the tabs below. 2021 2022 Calculate the amount of interest capitalized for 2022. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).) Expenditure Weight Average Date January 1, 2022 January 30, 2022 interest Rate Amount 0 Capitalized Interest Average accumulated expenditures $ X L