on january 1, 2024, the highlands company began construction on a new manufacturing facility for its own use. the building was completed in 2025. the company borrowed $1,500,000 at 8% on january 1 to help finance the construction. in addition to the construction loan, highlands had the following debt outstanding throughout 2024: $5,000,000, 12% bonds $3,000,000, 8% long-term note construction expenditures incurred during 2024 were as follows: january 1 $ 600,000 march 31 1,200,000 june 30 800,000 september 30 600,000 december 31 400,000. Calculate the amount of interest capitalized for 2021 using the specific interest method. (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 X March 31 х = June 30 х х = September 30 December 31 х Accumulated expenditure 0 Amount Interest Rate Capitalized Interest Average accumulated expenditures O х % = 0 х % = 0 $ 0
