Exercise 10-7 (Part Level Submission) Indigo Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,043,000 on January 1, 2017. Indigo expected to complete the building by December 31, 2017. Indigo has the following debt obligations outstanding during the construction period. Construction loan-10% interest, payable semiannually, issued December 31, 2016 Short-term loan-8% interest, payable monthly, and principal payable at maturity on May 30, 2018 Long-term loan-9% interest, payable on January 1 of each year. Principal payable on January 1, 2021 $2,010,900 1,608,200 1,003,400 (a) Assume that Indigo completed the office and warehouse building on December 31, 2017, as planned at a total cost of $5,167,000, and the weighted average amount of accumulated expenditures was $3,776,000. 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 $ Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER (b) The parts of this question must be completed in order. This part will be available when you complete the part above