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, 8% note $9,000,000, 4% bonds Construction expenditures incurred were as follows: July 1, 2018 September 30, 2018 November 30, 2018 January 30, 2019 $ 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 2018 and 2019. Complete this question by entering your answers in the tabs below. 2018 2019 Calculate the amount of interest capitalized for 2018. (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 July 1, 2018 September 30, 2018 November 30, 2018 Accumulated expenditures Expenditure $ 480,000 720,000 720,000x $ 1,920,000 Weight 3/6 X 1/6 X 6/6 X X Average $ 240,000 180,000 X 60,000 > 480,000 Capitalized Interest Amount s 480,000 Interest Rate 5.00% Average accumulated expenditures * 9/12 = $ 18,000 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 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, 8% note $9,000,000, 4% bonds Construction expenditures incurred were as follows: July 1, 2018 September 30, 2018 November 30, 2018 January 30, 2019 $ 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 2018 and 2019. Complete this question by entering your answers in the tabs below. 2018 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 Average January 1, 2019 January 30, 2019 Expenditure $ 1,944,000 X 540,000 X X $ 2,484,000 Weight 3/3 2/3 Amount Interest Rate Capitalized Interest Average accumulated expenditures *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted