Early in its fiscal year ending December $31,2024,$ San Antonio Outfitters finalized plans to expand operations. The first stage was completed on March $28$ with the purchase of a tract of land on the outskirts of the city. The land and existing building were purchased by paying $$200,000$ immediately and signing a noninterest$-$bearing note requiring the company to pay $$600,000$ on March $28,2026.$ An interest rate of $8\%$ properly reflects the time value of money for this type of loan agreement. Title search, insurance, and other closing costs totaling $$20,000$ were paid at closing.

At the end of April, the old building was demolished at a cost of $$70,000,$ and an additional $$50,000$ was paid to clear and grade the land. Construction of a new building began on May $1$ and was completed on October $29.$ Construction expenditures were as follows:

$\backslash$table$[[$May $1,$$$1,200,000$