Ivanhoe Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $6,000,000 on January 1, 2020. Ivanhoe expected to complete the building by December 31, 2020. Ivanhoe has the following debt obligations outstanding during the construction period $2.400,000 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 1,800,000 1,200,000 x Your answer is incorrect. Assume that Ivanhoe completed the office and warehouse building on December 31, 2020, as planned at a total cost of $6,240,000, and the weighted average amount of accumulated expenditures was 54,320.000. Compute the woidable interest on this project (Use interest rates rounded to 2 decimal places, es.7.58% for computational purposes and round final answers to o decimal places, eg, 5,275.) Avoidable Interest $ 488064 * Your answer is incorrect. Compute the depreciation expense for the year ended December 31, 2021. Ivanhoe 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 $360,000. (Round answer to 0) decimal places, es, 5.275.) Depreciation Expense 259268.8