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Exercise 10-7 (Part Level Submission) Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,024,000 on January 1, 2017. Sarasota expected to complete the building arasota Furni by December 31, 2017. Sarasota has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2016 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2018 Long-term loan-11% interest, payable on lanuary 1 of each year. Principal payable on January 1, 2021 990,300 $1,990,600 1,603,500 Assume that Sarasota completed the office and warehouse building on December 31, 2017, as planned at a total cost of $5,167,700, and the weighted-average amount of accumulated expenditures was $3,777,200 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 0 decimal places, e.g. 5,275.) Avoidable Interest Click if you would like to Show Work for this question: QRen Sho Work