Ameth Company constructed a building and incurred the following costs directly associated with construction. The building is valued at $$124,000($fair value$)$ upon completion.

Materials $$40,000$

Labor $64,000$

Incremental overhead $24,000$

Interest on construction loan incurred before completion $4,000$

Interest on construction loan incurred after completion $1,600$

Total $$133,600$

Prepare summary journal entries to record costs of $(1)$ construction and $(2)$ completion of the building. Assume that all qualifying interest during the current year is capitalized to the building.