Flounder Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $11,500,000 on January 1, 2020. Flounder expected to complete the building by December 31, 2020. Flounder has the following debt obligations outstanding during the construction period. $4.600.000 Construction loan-12% interest, payable semiannually, issued December 31, 2019 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 3.450,000 2.300,000 Your Answer Correct Answer x Your answer is incorrect. Assume that Flounder completed the office and warehouse building on December 31, 2020, as planned at a total cost of $11.960,000, and the weighted-average amount of accumulated expenditures was $8,280,000. 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 decimal places, es. 5.275.) Avoidable Interest 1.722,240 Compute the depreciation expense for the year ended December 31, 2021. Flounder 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 $690.000. (Round answer too decimal places, eg. 5,275.) Depreciation Expense $