WPP 7 - Chapter 10 6 Saved 1 points A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $660,000; March 31, $760,000; June 30, $560,000; October 30, $1,080,000. To help finance construction, the company arranged a 7% construction loan on January 1 for $1,020,000. The company's other borrowings, outstanding for the whole year, consisted of a $2 million loan and a $4 million note with interest rates of 9% and 6%, respectively. Assuming the company uses the specific interest method, calculate the amount of interest capitalized for the year. (Do not round intermediate calculations. Round your percentage answers to 2 decimal places (i.e. 0.1234 should be entered as 12.34%).) eBook Date January 1 March 31 Print June 30 o References October 30 Accumulated expenditures Expenditure Weight Average Amount Interest Rate Capitalized Interest Average accumulated expenditures % = % =