On January 1, 2017, the Daenerys Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on June 30, 2018. Expenditures on the project were as follows: January 3, 2017 500,000 March 31, 2017 600,000 June 30, 2017 800,000 October 31, 2017 600,000 January 31, 2018 300,000 March 31, 2018 500,000 May 31, 2018 600,000 On January 3, 2017, the company obtained a P2 million construction loan with a 10% interest rate. The loan was outstanding all of 2017 and 2018. The company's other interest-bearing debt included a long-term note of P5,000,000 with an 8% interest rate, and a mortgage of P3,000,000 on another building with an interest rate of 6%. Both debts were outstanding during all of 2017 and 2018. The company's fiscal year end is December 31