Business, 22.11.2019 03:31 shybunny7568

Buffalo furniture company started construction of a combination office and warehouse building for its own use at an estimated cost of $10,500,000 on january 1, 2020. buffalo expected to complete the building by december 31, 2020. buffalo has the following debt obligations outstanding during the construction period. construction loan-12% interest, payable semiannually, issued december 31, 2019 $4,200,000 short-term loan-10% interest, payable monthly, and principal payable at maturity on may 30, 2021 2,940,000 long-term loan-11% interest, payable on january 1 of each year. principal payable on january 1, 2024 2,100,000 assume that buffalo completed the office and warehouse building on december 31, 2020, as planned at a total cost of $10,920,000, and the weighted-average amount of accumulated expenditures was $7,560,000. 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 0 decimal places, e. g. 5,275.) avoidable

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