Construction of Building: A building was constructed on land purchased last year at a cost of $405,000. Construction began on February 1 and was completed on November 1. The payments to the contractor were as follows. Date Payment 2/1 $324,000 6/1 972,000 9/1 1,296,000 11/1 270,000 To finance construction of the building, a $1,620,000, 12% construction loan was taken out on February 1. The loan was repaid on November 1. The firm had $540,000 of other outstanding debt during the year at a borrowing rate of 8%. Record the acquisition of each of these assets. (Round intermediate calculations to 5 decimal places, eg. 1.25124 and final answer to O decimal places e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)