Kingbird Company is constructing a building Construction began on February 1 and was completed on December 31. Expenditures were $2,040,000 on March 1, $1,320,000 on June 1, and $3,045,000 on December 31. Kingbird Company borrowed $1,026,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,085,000 note payable and an 11%, 4-year, $3,796,000 note payable. Compute avoidable interest for Kingbird Company. Use the weighted-average interest rate for interest capitalization purposes. (Round weighted average interest rate to 4 decimal places, eg. 0.2152 and final answer to 0 decimal places, eg. 5.275) Avoidable interest 2,470,000