Reference no: EM132527463
Question - During 2017, Barden Building Company constructed various assets at a total cost of $14,700,000. The weighted average accumulated expenditures on assets qualifying for capitalization of interest during 2017 were $9,800,000. The company had the following debt outstanding at December 31, 2017:
1. 10%, 5-year note to finance construction of various assets, dated January 1, 2017, with interest payable annually on January 1 $6,300,000
2. 12%, ten-year bonds issued at par on December 31, 2011, with interest payable annually on December 31 7,000,000
3. 9%, 3-year note payable, dated January 1, 2016, with interest payable annually on January 1 3,500,000
Instructions - Compute the amount of "Avoidable interest".
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