On February 1, 2023, Grow-a-Lot began constructing a new piece of equipment, a Doo-Dad\ Constructor. They paid invoices during the year as described in the below table. Assume all\ invoices were paid in full.\ Date Invoice Received Date Invoice Paid Invoice Amount\ March 1, 2023 April 1, 2023 $110,000\ July 30, 2023 September 15, 2023 $283,000\ December 10, 2023 January 15, 2024 $172,000\ In anticipation of the construction of the Doo-Dad Constructor, Grow-a-Lot obtained a $75,000\ loan for construction and repair. The loan is due in 5 years, carries an interest rate of 8%, and\ the Doo-Dad constructor is pledged as collateral.\ Grow-a-Lot had 3 other outstanding loans during the year, as follows:\ Loan Start Date Duration Principal Interest Rate\ April 12, 2011 30-years $1,250,000 7%\ November 10, 2015 10-years $500,000 11%\ July 4, 2020 12-years $300,000 9%\ a. Record the journal entry for the constructed equipment and total interest for the year.\ Assume all interest is paid on December 31.\ b. Assuming the details above except the specific construction loan is for $200,000 instead\ of $75,000. Record the journal entry for the constructed equipment and total interest\ for the year. Assume all interest is paid on December 31.