BrambleFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $8,000,000 on January 1, 2020. Bramble expected to complete the building by December 31, 2020. Bramble has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 $3,200,000 2,240,000 1,600,000 (a) Your answer is correct. Assume that Bramble completed the office and warehouse building on December 31, 2020, as planned at a total cost of $8,320,000, and the weighted average amount of accumulated expenditures was $5,760,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, eg: 7.58% for computational purposes and round final answers to o decimal places, s. 5,275) Avoidable Interest $ 650,752 e Textbook and Media (b) * Your answer is incorrect. Compute the depreciation expense for the year ended December 31, 2021. Bramble elected to depreciate the building on a straight-line basis and determined that the asset has a useful life of 30 years and a salvage value of $480,000. (Round answer too decimal places, eg,5,275.) Depreciation Expense $ 283,025.06 e Textbook and Media