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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:
$2,000,000, 7% note
$8,000,000, 3% bonds
Construction expenditures incurred were as follows:
July 1, 2018 $ 340,000
September 30, 2018 690,000
November 30, 2018 690,000
January 30, 2019 630,000
The company’s fiscal year-end is December 31.
Required:
Calculate the amount of interest capitalized for 2018 and 2019.

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