LarkspurFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $10,500,000 on January 1, 2020. Larkspur expected to complete the building by December 31, 2020. Larkspur has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $4,200,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 3,150,000 Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 2,100,000 (a) Assume that Larkspur completed the office and warehouse building on December 31, 2020, as planned at a total cost of $10,920,000, and the weighted-average amount of accumulated expenditures was $7,560,000. Compute the avoidable interest on this project.