On January 1, 2017, the Atlantis Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on June 30, 2018. Expenditures on the project were as follows: January 3, 2017 March 31, 2017 June 30, 2017 October 31, 2017 January' 31 2018 March 31, 2018 May 31, 2018 500,000 600,000 800,000 600,000 300,000 500,000 600,000 On January 3, 2017, the company obtained a P2 million construction loan with a 10% interest rate. The loan was outstanding all of 2017 and 2018 The company's other interest-bearing debt included a long-term note of with an 8% interest rate, and a mortgage of P3,000i000 on another building with an interest rate of 6% Both debts were outstanding during all of 2017 and 2018. The company's fiscal year end is December 31 _