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 liabilities that were outstanding throughout the construction period:

$$2,000,000,10\%$ note

$$8,000,000,5\%$ bonds

Construction expenditures incurred were as follows:

July $1,2024$ $ $780,000$

September $30,20241,170,000$

November $30,20241,170,000$

January $30,20251,110,000$

The company$$s fiscal year$-$end is December $31.$

Required:

Calculate the amount of interest capitalized for $2024$ and $2025.$