On December 31, 2019, Pharoah Inc. borrowed $3.360,000 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, 5403,200 June 1.5672.000, July 1 $1,680,000: December 1, $1,680,000. The building was completed in February 2021. Additional information is provided as follows 1. Other debt outstanding 2. 3. 10-year, 14% bond. December 31, 2013, interest payable annually 6-year, 11% note, dated December 31, 2017, interest payable annually March 1, 2020, expenditure included land costs of $168.000 Interest revenue earned in 2020 $4,480,000 $1.792,000 $54,880