Ch 10 Q 3

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Pina Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,340,000 on March 1,$1,560,000 on June 1 and $3,900,000 on December 31 . Pina Company borrowed $1,300,000 on March 1 on a 5 -year, 10% note to help finance construction of the building. In addition, the company had outstanding all year a 12%,5-year, $2,600,000 note payable and an 11%,4-year, $4,550,000 note payable. Compute avoidable interest for Pina Company. Use the weighted-average interest rate for interest capitalization purposes. (Round "Weightedaverage interest rate" to 4 decimal places, e.g. 0.2152 and final answer to 0 decimal places, e.g. 5.275.) Avoidable interest $