Chapter 10 Hawkins Corporation began construction of a motel on March 31, 2016. The project was completed on April 31, 2017. No new loans were required to fund construction. Hawkins does have the following two interest- bearing liabilities that were outstanding throughout the construction period: $4,000,000, 6% note $16,000,000, 10% bonds Construction expenditures incurred were as follows: March 31, 2016 June 30, 2016 November 30, 2016 February 28, 2017 $4,000,000 6,000,000 1,800,000 3,000,000