Thornton Industries began construction of a warehouse on July 1, 2021. The project was completed on March 31, 2022. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $1,000,000, 12% note $4,000,000, 8% bonds Construction expenditures incurred were as follows: July 1, 2021 September 30, 2021 November 30, 2021 January 30, 2022 $ 600,000 900,000 900,000 840,000 2021 2022 Calculate the amount of interest capitalized for 2021. (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 Weight 6/6 = Expenditure $ 600,000 x 900,000 900,000 x $ 2,400,000 3/6 July 1, 2021 September 30, 2021 November 30, 2021 Accumulated expenditures = Average $ 600,000 300,000 100,000 $ 1,000,000 1/6 Amount Interest Rate Capitalized Interest Average accumulated expenditures $ 1,000,000 x % = $ 0 2021 2022 Calculate the amount of interest capitalized for 2022. (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 X January 1, 2022 January 30, 2022 $ 0 $ 0 Amount Interest Rate Capitalized Interest Average accumulated expenditures $ 0 X % $ 0