On December 31, 2024, Sheffield Inc. borrowed $1,350,000 at 13% payable annually to finance the construction of a new building. In 2025 , the company made the following expenditures related to this building: June 1,$540,000; July 1, $810,000; September 1 , $1,620,000; December 1,$810,000. The building was completed in April 2026. Additional information is provided as follows: Other debt outstanding 10-year, 11% bond, dated December 31, 2018, interest payable annually $13,500,000 15 -year, 13% note, dated December 31, 2012, interest payable annually $3,375,000 Interest revenue earned in 2025 $8,100 amount of interest to be capitalized in 2025