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: $3,000,000, 6% note $5,000,000, 2% bonds Construction expenditures incurred were as follows: July 1, 2021 September 30, 2021 November 30, 2021 January 30, 2022 The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2021 and 2022. Complete this question by entering your answers in the tabs below. 2021 2022 $ 540,000 750,000 750,000 690,000 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 July 1, 2021 September 30, 2021 November 30, 2021 Accumulated expenditures Average accumulated expenditures Expenditure $ $ 540,000 X 750,000 x 750,000 X 2,040,000 Amount $ 1,040,000 x Weight Interest Rate < 2021 % 6/6 3/6 1/6 2022 = = = $ 540,000 375,000 125,000 $ 1,040,000 Average Capitalized Interest = $ 0