Question 1 of 2 < > 0/1 Skysong Furniture Company started construction of a combination office...

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Question 1 of 2 < > 0/1 Skysong Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,500,000 on January 1, 2025. Skysong expected to complete the building by December 31, 2025. Skysong has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2024 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2026 Long-term loan-11% interest, payable on January 1 of each year; principal payable on January 1, 2029 $2,200,000 1,650,000 1,100,000 (a) Your answer is incorrect. Assume that Skysong completed the office and warehouse building on December 31, 2025, as planned, at a total cost of $5,720,000, and the weighted-average amount of accumulated expenditures was $3,960,000. 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.) Avoidable interest $ SUPPORT Question 1 of 2 < > 0/1 Skysong Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,500,000 on January 1, 2025. Skysong expected to complete the building by December 31, 2025. Skysong has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2024 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2026 Long-term loan-11% interest, payable on January 1 of each year; principal payable on January 1, 2029 $2,200,000 1,650,000 1,100,000 (a) Your answer is incorrect. Assume that Skysong completed the office and warehouse building on December 31, 2025, as planned, at a total cost of $5,720,000, and the weighted-average amount of accumulated expenditures was $3,960,000. 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.) Avoidable interest $ SUPPORT