Kingbird Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $7,500,000 on January 1, 2020. Kingbird expected to complete the building by December 31, 2020. Kingbird has the following debt obligations outstanding during the construction period Construction loan-126 Interest, payable semiannually, issued December 31, 2019 $3,000,000 Short-term loan-10% Interest, payable monthly, and principal payable at maturity on May 30, 2021 2,100,000 Long-term loan-11% Interest, payable on January 1 of each year. Principal payable on January 1, 2024 1,500,000 Assume that Kingbird completed the office and warehouse building on December 31, 2020, as planned at a total cost of $7,800,000, and the weighted average amount of accumulated expenditures was 15,400,000. Compute the avoidable interest on this project. (Use Interest rates rounded to 2 decimal places, e.g. 7.50% for computational purposes and round final answers to o decimal places, e.g. 5,275.) Avoidable Interest Compute the depreciation expense for the year ended December 31, 2021. Kingbird elected to depreciate the building on a straight-line basis and determined that the sat has a site of 30 years and a salvage value of $450,000. (Round answer to o decimal places, e.. 5,275.) Depreciation Expenses