Business, 29.01.2021 16:40 starfox5454

Ayayai 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. Ayayai expected to complete the building by December 31, 2020. Ayayai has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $1,200,000
Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 840,000
Long-term loan-11% interest, payable on January 1 of each year. Principal payable on January 1, 2024 600,000
(a) Assume that Ayayai 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 4 decimal places, e. g. 7.5825% for computational purposes and round final answers to O decimal places, e. g. 5,275.) Avoidable Interest $.

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