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: $6,000,000, 8% note $9,000,000, 3% bonds Construction expenditures incurred were as follows: July 1, 2021 September 30, 2021 November 30, 2021 January 30, 2022 $ 580,000 870,000 870,000 810,000 The company's 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%).) Expenditure Weight Average = Date July 1, 2021 September 30, 2021 November 30, 2021 Accumulated expenditures X 11 Amount Interest Rate Capitalized Interest Average accumulated expenditures X % 11 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 Amount Interest Rate Capitalized Interest Average accumulated expenditures %