1- Culver Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,260,000 on March 1, $840,000 on June 1, and $2,100,000 on December 31. Culver Company borrowed $700,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 8%, 5-year, $1,400,000 note payable and an 11%, 4-year, $2,450,000 note payable. Compute avoidable interest for Culver Company. Use the weighted-average interest rate for interest capitalization purposes. (Round "Weighted-average interest rate" to 4 decimal places, e.g. 2.5125 and final answer to 0 decimal places, e.g. 5,275.) Avoidable interest??

2-

Pronghorn Company obtained land by issuing 2,660 shares of its $16 par value common stock. The land was recently appraised at $126,530. The common stock is actively traded at $46 per share. Prepare the journal entry to record the acquisition of the land. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

3-

Monty Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,076,000 on March 1, $1,224,000 on June 1, and $3,076,600 on December 31. Monty Company borrowed $1,155,090 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 9%, 5-year, $2,376,900 note payable and an 10%, 4-year, $3,397,000 note payable. Compute the weighted-average interest rate used for interest capitalization purposes. (Round answer to 2 decimal places, e.g. 7.58%.)

Weighted-average interest rate ?