Thornton Industries began construction of a warehouse on July 1, 2018. The project was completed on March 31, 2019. 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, 12% note $7.000.000, 7% bonds Construction expenditures incurred were as follows: $ July 1, 2013 September 30, 2018 November 30, 2018 January 30, 2019 700.000 990,000 990,009 930,000 The company's fiscal year-end is December 31 Required: Calculate the amount of interest capitalized for 2018 and 2019 2018 2019 Calculate the amount of interest capitalized for 2019. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (.e. 0.123 should be entered as 12.3%).) Average Date January 1, 2019 January 30, 2019 Expenditure $ 1,360,000 930.000 $ 2.290,000 x x Weight 3/3 213 620,000 620.000 $ Amount 620,000 Interest Rate 85% Capitalized Interest 5 13,175 Average accumulated expenditures x x 312 =