Return to questionItem $8$

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 $$2,150,000$ at $9\%$ on January $1$ to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout $2024$:

$$8,000,000,14\%$ bonds

$$2,000,000,9\%$ long$-$term note

Construction expenditures incurred during $2024$ were as follows:

January $1$ $ $880,000$

March $311,480,000$

June $301,136,000$

September $30880,000$

December $31680,000$

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 $12\mathrm{.}3\%).$

$$8,000,000,14\%$ bonds

$$2,000,000,9\%$ long$-$term note

Construction expenditures incurred during $2024$ were as follows:

$\backslash$table$[[$January $1,$$$880,000$