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

$5,000,000, 4% bonds

Construction expenditures incurred were as follows:

July 1, 2018	$	660,000
September 30, 2018		930,000
November 30, 2018		930,000
January 30, 2019		870,000

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