Exercise $10-24($Static$)$ Interest capitalization $[$LO$10-7]$

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 $311,200,000$June $30800,000$September $30600,000$December $31400,000$

Required:

Calculate the amount of interest capitalized for $2024$ using the specific interest method.

Note: Do not round the intermediate calculations. Round your percentage answers to $1$ decimal place $($i$.$e$.0\mathrm{.}123$ should be entered as $12\mathrm{.}3\%).$