Brief Exercise 10-15 Interest capitealization [LO10-7] 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, $600,000; March 31, $700.000; June 30, $500.000; October 30. $900,00o. To help finance construction, the company arranged a 9% construction loan on January 1 for $900,000. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 11% and 6 % , respectively. Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year. (Do not round Intermedlate calculations. Round your percentage answer to 2 declmal places (l.e. 0.1234 should be entered as 12.34 %).) Expenditure Date Weight Average January 1, 2018 March 31, 2018 June 30, 2018 October 30, 2018 Accumulated expenditures S 0 0 Capitalized Interest Average Interest Rate 96 Average accumulated expenditures S