Coronado Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $3,000,000 on January 1, 2020. Coronado expected to complete the building by December 31, 2020. Coronado has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $1,200,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 840,000 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 600,000 (a) Assume that Coronado completed the office and warehouse building on December 31, 2020, as planned at a total cost of $3,120,000, and the weighted average amount of accumulated expenditures was $2,160,000. Compute the avoidable interest on this project. (Use interest rates rounded to 4 decimal places, eg. 7.5825% for computational purposes and round final answers to o decimal places, e.g. 5,275.) Avoidable Interest $ Save for Later Attempts: 0 of 3 used Submit