Exercise $10-25($Algo$)$ Interest capitalization; multiple periods $[$LO$10-7]$

Thornton Industries began construction of a warehouse on July $1,2024.$ The project was completed on March $31,2025.$ No new loans were required to fund construction. Thornton does have the following two interest$-$bearing liabilities that were outstanding throughout the construction period:

$$2,000,000,9\%$ note

$$8,000,000,4\%$ bonds

Construction expenditures incurred were as follows:

July $1,2024$ $ $680,000$

September $30,20241,020,000$

November $30,20241,020,000$

January $30,2025960,000$

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

Required:

Calculate the amount of interest capitalized for $2024$ and $2025.$