On 1 January 2019, 3D-Construction (Pty) Ltd obtained planning permission to build a new office building. Construction commenced on 1 March 2019. To help fund the cost of this building, a loan for $10 million was taken out from Bank Gaborone on 1 April 2019. The interest rate on the loan was 10% per annum. Construction of the building ceased during the month of July due to an unexpected shortage of labor and materials. By 31 December 2019, the building was not complete. Costs incurred to date were $24 million (excluding interest on the loan).

Required: Discuss the accounting treatment of the above in the financial statements of 3D-Construction for the year ended 31 December 2019.