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Flounder Inc. is a book distributor that had been operating in its original facility since 1990. The increase in certification programs and continuing education requirements

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Flounder Inc. is a book distributor that had been operating in its original facility since 1990. The increase in certification programs and continuing education requirements in several professions has contributed to an annual growth rate of 15% for Flounder since 2015. Flounder' original facility became obsolete by early 2020 because of the increased sales volume and the fact that Flounder now carries CDs in addition to books. On June 1, 2020, Flounder contracted with Black Construction to have a new building constructed for $5,680,000 on land owned by Flounder. The payments made by Flounder to Black Construction are shown in the schedule below. Amount Date July 30, 2020 $1.278,000 January 30, 2021 2,130,000 May 30, 2021 2272,000 Total payments $5,680,000 Construction was completed and the building was ready for occupancy on May 27,2021. Flounder had no new borrowings directly associated with the new building but had the following debt outstanding at May 31, 2021, the end of its fiscal year 10%, 5-year note payable of $2,840,000, dated April 1, 2017, with interest payable annually on April 1. 12%, 10-year bond issue of $4,260,000 sold at par on June 30, 2013, with interest payable annually on June 30. Compute the weighted average accumulated expenditures on Flounder's new building during the capitalization period. $ Weighted-Average Accumulated Expenditures e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer Part 2 Compute the avoidable interest on Flounder's new building. (Round intermediate percentage calculation to 1 decimal place, es. 15.6% and final answer to O decimal places, eg. 5,125.) Avoidable Interest $ Some interest cost of Flounder Inc. is capitalized for the year ended May 31, 2021. Compute the amount of each items that must be disclosed in Flounder's financial statements. Total actual interest cost $ Total interest capitalized $ Total interest expensed $

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