Crane Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,000,200 on January 1, 2017. Crane expected to complete the building by December 31, 2017. Crane has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2016 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2018 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2021 $2,007,800 1,588,200 990,600 Part 1 Assume that Crane completed the office and warehouse building on December 31, 2017, as planned at a total cost of $5,167,500, and the weighted-average amount of accumulated expenditures was $3,836,900. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes and round final answers to O decimal places, e.g. 5,275.) Avoidable Interest $ Part 2 Compute the depreciation expense for the year ended December 31, 2018. 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 $297,700. (Round answer to 0 decimal places, e.g. 5,275.) Depreciation Expense $ e Textbook and Media