On December 31, 2019, Cullumber Inc. borrowed $3,840,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $460,800; June 1, $768,000; July 1, $1,920,000; December 1, $1,920,000. The building was completed in February 2021. Additional information is provided as follows.

1.		Other debt outstanding
		10-year, 14% bond, December 31, 2013, interest payable annually		$5,120,000
		6-year, 11% note, dated December 31, 2017, interest payable annually		$2,048,000
2.		March 1, 2020, expenditure included land costs of $192,000
3.		Interest revenue earned in 2020		$62,720