During 2020, Tammy Building Company constructed various assets at a total cost of $12,600,000. The weighted average accumulated expenditures on assets qualifying for capitalization of interest during 2020 were $8,437,000. The company had the following debt outstanding at December 31, 2020: 1 10%, 5-year note to finance construction of various assets, dated January 1, 2020, with interest payable annually on January 1 2 12%, ten-year bonds issued at par on December 31, 2014, with interest payable annually on December 31 3. 9%, 3-year note payable, dated January 1, 2019, with interest payable annually on January 1 Compute the amounts of each of the following. 1. Avoidable interest 2 Total interest to be capitalized during 2020 $5,235,000 5,971,000 2,985,500 Company exchanged equipment used in its manufacturing operations plus $3,120 in cash for similar equipment used in the operations of Coronado Company. The following information pertains to the exchange. Sunland Coronado Co. Co. Equipment (cost) $29,120 $29,120 Accumulated depreciation 19,760 10,400 Fair value of equipment Cash given up 13,000 16,120 3,120 Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange lacks commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Sunland Company: Debit Credit Account Titles and Explanation Sunland Company: Coronado Company: 0 Debit Credit Prepare the journal entries to record the exchange on the books of both companies. Assume that the exchange has commercial substance. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Sunland Company Debit Credit Coronado Company