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Current Attempt in Progress Oriole Company is constructing a building. Construction...

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Accounting

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Current Attempt in Progress Oriole Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,028,000 on March 1, $1,308,000 on June 1, and $3,008,000 on December 31. Oriole Company borrowed $1,114,000 on March 1 on a 5-year, 12% note to help finance construction of the building. In addition, the company had outstanding all year a 10\%, 5-year, $2,484,000 note payable and an 11%,4-year, $3,232,000 note payable. Compute avoidable interest for Oriole Company. Use the weighted-average interest rate for interest capitalization purposes. (Round weighted-average interest rate to 4 decimal places, eg. 0.2152 and final answer to 0 decimal places, e. 8.5,275. Avoidable interest

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