Question 2 of 3 View Policies Current Attempt in Progress -/10 E CheyenneFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $12,500,000 on January 1, 2020. Cheyenne expected to complete the building by December 31, 2020. Cheyenne has the following debt obligations outstanding during the construction period. 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 $5,000,000 3,750,000 2,500,000 (a) Assume that Cheyenne completed the office and warehouse building on December 31, 2020, as planned at a total cost of $13,000,000, and the weighted-average amount of accumulated expenditures was $9,000,000. Compute the avoidable interest on this project. (Use interest rates rounded to 2 decimal places, eg. 7.58% for computational purposes and round final answers to O decimal places, eg. 5,275.) Avoidable Interest $