Klutlan Industries began construction of a warehouse on July 1, 2018. The project was completed on March 31, 2019. No new loans were required to fund construction. Klutlan does have the following two interest-bearing liabilities that were outstanding throughout the construction period:

$2,000,000, 8% note

$8,000,000, 5% bonds

Construction expenditures incurred were as follows:

July 1, 2018 $520,000

September 30, 2018 600,000

November 30, 2018 600,000

January 30, 2019 540,000

The company's fiscal year-end is December 31.

Question: The total value of the warehouse at the end of construction would be: