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On December 31, 2013, Main Inc. borrowed $6,690,000 at 13% payable annually to finance the construction of a new building. In 2014, the company made
On December 31, 2013, Main Inc. borrowed $6,690,000 at 13% payable annually to finance the construction of a new building. In 2014, the company made the following expenditures related to this building: March 1, $802,800; June 1, $1,338,000; July 1, $3,345,000; December 1, $3,345,000. The building was completed in February 2015. Additional information is provided as follows
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