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:

$$3,000,000,8\%$ note

$$9,000,000,4\%$ bonds

Construction expenditures incurred were as follows:

July $1,2024$

September $30,2024$

November $30,2024$

January $30,2025$

$$480,000$

$720,000$

$720,000$

$660,000$

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

Required:

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

Complete this question by entering your answers in the tabs below.

$2024$

Calculate the amount of interest capitalized for $2024.$

Note: Do not round the intermediate calculations. Round your percentage answers to $1$ decimal place $(1.$ e$.0\mathrm{.}123$ should be entered as $12\mathrm{.}3\%).$

$\backslash$table$[[$Date$,$Expenditure,,Weight,,,Average$],[$July $1,2024,,x,,,=,],[$September $30,2024,,x,,,=,],[$November $30,2024,,x,,,=,],[$Accumulated expenditures,$$,,,,,],[,,,$Interest Rate,$\backslash$table$[[$Portion of$],[$Year$]],,\backslash$table$[[$Capitalized$],[$Interest$]]]]$