Question 1 Concord Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,993,100 on January 1, 2017. Concord expected to complete the building by December 31, 2017. Concord has the following debt obligations outstanding during the construction period Construction loan-10% interest, payable semiannually, issued December 31, 2016 Short-term loan-8% interest, payable monthly, and principal payable at maturity on May 30, 2018 Long-term loan-9% interest, payable on January 1 of each year. Principal payable on January 1, 2021 1,001,500 $1,982,700 1,586,000 Your answer is incorrect. Try again. Assume that Concord completed the office and warehouse building on December 31, 2017, as planned at a total cost of $5,234,800, and the weighted-average amount of accumulated expenditures was $3,806,700. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, e.g. 7.58% for computational purposes and round final answers to 0 decimal places, e.g. 5,275) Avoidable Interest 353,566 Click if you would like to Show Work for this question: Open Show Work