Crane Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $6,000,000 on January 1, 2020. Crane expected to complete the building by December 31, 2020. Crane has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $2,400,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 1,800,000 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 1,200,000 (a) Your answer is correct. Assume that Crane completed the office and warehouse building on December 31, 2020, as planned at a total cost of $6,240,000, and the weighted average amount of accumulated expenditures was $4,320,000. 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, eg. 5,275.) Avoidable Interest $ 487680 e Textbook and Media Attempts: unlimited (b) Compute the depreciation expense for the year ended December 31, 2021. Crane 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 $360,000. (Round answer to 0 decimal places, eg. 5,275.) Depreciation Expense $