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Martinez Company is constructing a building. Construction began on February 1 and was completed on...

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Accounting

Martinez Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,040,000 on March 1, $1,320,000 on June 1, and $3,044,500 on December 31. Martinez Company borrowed $1,026,000 on March 1 on a 5-year, 13% note to help finance construction of the building. In addition, the company had outstanding all year a 10%, 5-year, $2,084,800 note payable and an 11%, 4-year, $3,796,400 note payable. Compute avoidable interest for Martinez Company. Use the weighted-average interest rate for interest capitalization purposes. (Round percentages to 2 decimal places, e.g. 2.51% and final answer to 0 decimal places, e.g. 5,275.) Avoidable interest

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