Novak Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $3,000,000 on January 1, 2020. Novak expected to complete the building by December 31, 2020. Novak has the following debt obligations outstanding during the construction periol. $1,200,000 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 900,000 600,000 (a) Assume that Novak completed the office and warehouse building on December 31, 2020, as planned at a total cost of $3,120,000 and the weighted-average amount of accumulated expenditures was $2,160,000. Compute the avoidable 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, es 5,275.) Avoidable Interest