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:

$2,000,000, ..........8% note
$8,000,000, .......4% bonds

Construction expenditures incurred were as follows:

July 1, 2021 ...................$ 400,000
September 30, 2021 .......600,000
November 30, 2021 ........600,000
January 30, 2022 .............540,000

The company’s fiscal year-end is December 31.

Required:
Calculate the amount of interest capitalized for 2021 and 2022.