Sheffield 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. Sheffield expected to complete the building by December 31, 2020. Sheffield 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 (a) Your answer is correct. Avoidable Interest $ (b) Assume that Sheffield 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, e.g. 7.58% for computational purposes and round final answers to O decimal places, e.g. 5,275.) eTextbook and Media $1,200,000 243,840 Depreciation Expense $ 900,000 600,000 Attempts: 1 of 3 used Compute the depreciation expense for the year ended December 31, 2021. Sheffield elected to depreciate the building on a straight-line basis and determined that the asset has a useful life of 30 years and a salvage value of $ 180,000. (Round answer to O decimal places, e.g. 5,275.)