Construction of Building: A building was constructed on land purchased last year at a cost of $420,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows.

Date		Payment
2/1		$336,000
6/1		1,008,000
9/1		1,344,000
11/1		280,000

To finance construction of the building, a $1,680,000, 12% construction loan was taken out on February 1. The loan was repaid on November 1. The firm had $560,000 of other outstanding debt during the year at a borrowing rate of 8%.

Please list the journal entry to record the acquisition of the asset.