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, 6% bonds

Construction expenditures incurred were as follows:

July 1, 2021	$	460,000
September 30, 2021		660,000
November 30, 2021		660,000
January 30, 2022		600,000

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