On May 1, 2019, the Contractor Company began construction activity on a new office building. On that date the Contractor Company obtained a construction loan of $700,000 with a 3% annual interest rate. Principal and interest on the loan are due on April 30, 2020. The warehouse was completed on December 31, 2019. The work on the warehouse was uninterrupted during this period. The Contractor Company's other outstanding debt during all of 2019 consisted of the following long- term note. Interest on the note is due annually on December 31st, with the next interest payment for the note due on December 31, 2019. Principal Interest Rate $2,000,000 5% $ 400,000 2% Assume the weighted average accumulated expenditures on the office building construction were $920,000 for the year ended December 31, 2019. REQUIRED: Calculate the construction project's avoidable interest for 2020