A building was built on land purchased last year at a cost of $315,000. 

Construction began on February 1 and was completed on November 1. 

Payments to the contractor were as follows. 

Payment Date 

2/1                        $252,000 

6/1                         756,000 

9/1                      1,008,000 

11/1                     210,000 

To finance the construction of the building, a construction loan of $1,260,000 at 12% was obtained on February 1. 

The loan was paid off on November 1. $420,000 of other debt outstanding during the year at a loan rate of 8%. 

Record the acquisition of each of these assets