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Compute avoidable interest for Swifty Company

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    Assignment ID: FG133135981

    Question – Swifty Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,160,000 on March 1, $1,440,000 on June 1, and $3,600,000 on December 31. Swifty Company borrowed $1,200,000 on March 1 on a 5-year, 10% note to help finance construction of the building. In addition, the company had outstanding all year a 12%, 5-year, $2,400,000 note payable and an 11%, 4-year, $4,200,000 note payable. Compute avoidable interest for Swifty Company. Use the weighted-average interest rate for interest capitalization purposes.

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