On December 31, 2013, Main Inc. borrowed $5,460,000 at 12% payable annually to finance the construction of a new building. In 2014, the company made the following expenditures related to this building: March 1, $655,200; June 1, $1,092,000; July 1, $2,730,000; December 1, $2,730,000. The building was completed in February 2015. Additional information is provided as follows.

Other debt outstanding

1.10-year, 11% bond, December 31, 2007, interest payable annually$7,280,0006-year,

10% note, dated December 31, 2011, interest payable annually$2,912,000

2.March 1, 2014, expenditure included land costs of $273,000

3.Interest revenue earned in 2014 $89,180