Sawa plc commenced construction of its head offices on 1 March 2012. Construction was completed by 1 December at a cost of £324,000. Because of local flooding, construction work was suspended for a month in May. The construction is financed by a bank loan carrying interest at 14% per annum, obtained on 1 April 2012.

Required: 

At what cost should the building be accounted for in the Statement of financial position as at 31 December 2012? Ignore depreciation of building for the year.