Early in its fiscal year ending December 31, 2018, 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 for $820,000. San Antonio paid $210,000 and signed a noninterest-bearing note requiring the company to pay the remaining $610,000 on March 28, 2020. An interest rate of 6% properly reflects the time value of money for this type of loan agreement. Title search, insurance, and other closing costs totaling $21,000 were paid at closing During April, the old building was demolished at a cost of $71,000, and an additional $51,000 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: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) May 1 July 30 september 1 October 1 $1,350,000 1,550,000 960,000 1,860,000 San Antonio borrowed $3,000,000 at 6% on May 1 to help finance construction. This loan, plus interest, will be paid in 2019, The company also had the following debt outstanding throughout 2018: $2,100,000, $4,100,000, 7% 4% long-term long-term note payable bonds payable In November, the company purchased 10 identical pieces of equipment and office furniture and fixtures for a lump-sum price of