Capitalization of interest During 2020. Purple Manufacturing constructed various assets at a total cost of $15.620.000 The weighted average accumulated expenditures on assets qualifying for capitalization of interest during 2020 were $11,200,000. The company had the following debt outstanding at December 31, 2020 1. 9%, 5-year note to finance construction of various assets, dated January 1, 2020, with interest payable annually on January 1 $7,370,000 2. 8%, ten-year bonds issued at par on December 31, 2016, with interest payable annually on December 31 6,430,000 3. 6%, 3-year note payable, dated January 1, 2019, with interest payable 3,700,000 annually on January 1 Instructions Compute the amounts of each of the following (show computations). 1. Avoidable interest. 2. Total interest to be capitalized during 2020