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:

$2,000,000, 10% note

$8,000,000, 5% bonds

Construction expenditures incurred were as follows:

July 1, 2018	$	780,000
September 30, 2018		1,170,000
November 30, 2018		1,170,000
January 30, 2019		1,110,000

The companys fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2018 and 2019.

Calculate the amount of interest capitalized for 2019. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).)

Date	Expenditure		Weight					Average
January 1, 2019		x					=
January 30, 2019		x					=
	$0							$0
	Amount		Interest Rate					Capitalized Interest
Average accumulated expenditures	$0	x		%	x		=	$0

• 2018