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Part II. Short Answer Exercises Exercise 1 On March 1, Mod Co. began construction of a small building. The following expenditures were incurred for construction: March 1 75,000 April 1 74,000 May 1 June 1 270,000 180,000 100,000 July 1 The building was completed and occupied on July 1. To help pay for construction 50,000 was borrowed on March 1 on a 12%, three-year note payable. The only other debt outstanding during the year was a 500,000, 10% note issued two years ago. Instructions (a) Calculate the weighted-average accumulated expenditures. (b) Calculate avoidable interest