Lam Co. borrowed $10 million on 1 January 2020 in anticipation of commencing work to build a new head office later in the year. The interest rate provided by Lam Co.'s bank was 8% per annum, and the loan had a term of five years. Construction began on 1 February 2020 and the property was occupied for use on 1 December 2020. The following information is relevant: 1 January Expenditure on building materials began to be incurred 1 February Building work began 1 May Building work was suspended due to quality inspection by regulatory authorities 1 June Building work recommenced 31 October Building work is completed and approved by the regulatory authorities 1 November Decoration and finishing of the property to Lam Co.'s specification commences 30 November Decoration and finishing work is completed. Prepare the journal entry that is required to record the borrowing costs for the year ended 31 December 2020