Can someone please help clarify why Step 3 is incorrect? I'm not sure which % to multiply by if it's not 9.2% or where the number 1,840,000 is from.

Thanks in advance!

awkins Corporation began construction of a motel on March 31, 2018. The project was completed on April 31, 2019. No new loans were required to fund construction. Hawkins does have the follow earing liabilities that were outstanding throughout the construction period ing two interest- $ 4,000,000, 690 note $16,000,000, 10% bonds Construction expenditures incurred were as follows: March 31, 2018 June 30, 2018 November 30, 2018 February 28, 2019 $4,000,000 6,000,000 1,800,000 3,000,000 The company's fiscal year-end is December 31 Required: Calculate the amount of interest capitalized for 2018 STEP 1: Average accumulated expenditures for 2018 /30/18 ,8oo AVG. ac expendiHore STEP 2: Weighted-average rate of all debt I&yo, o09 2900000 .ooo , oooU/.)t(K, ,UOU, OUE voh ) a092 Interest capitalized in 2018: STEP 3