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Thornton Industries began construction of a warehouse on July 1, 2018. The project was completed on...

Thornton Industries began construction of a warehouse on July 1, 2018. The project was completed on March 31, 2019. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $4,000,000, 9% note $6,000,000, 6% bonds Construction expenditures incurred were as follows: July 1, 2018 $ 430,000 September 30, 2018 630,000 November 30, 2018 630,000 January 30, 2019 570,000 The company’s fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2018 and 2019.

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