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Thornton Industries began construction of a warehouse on July 1,2021 . The project...

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Accounting

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Thornton Industries began construction of a warehouse on July 1,2021 . The project was completed on March 31,2022 . No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: Construction expenditures incurred were as follows: The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2021 and 2022. Complete this question by entering your answers in the tabs below. Calculate the amount of interest capitalized for 2021. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%) ). Complete this question by entering your answers in the tabs below. Calculate the amount of interest capitalized for 2022. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%) ).)

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