On January 1, 2018, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2019. Expenditures on the project were as follows:

January 1, 2018	$	2,020,000
March 1, 2018		1,740,000
June 30, 2018		1,940,000
October 1, 2018		1,740,000
January 31, 2019		441,000
April 30, 2019		774,000
August 31, 2019		1,071,000

On January 1, 2018, the company obtained a $4,900,000 construction loan with a 12% interest rate. The loan was outstanding all of 2018 and 2019. The companys other interest-bearing debt included two long-term notes of $2,000,000 and $8,000,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2018 and 2019. Interest is paid annually on all debt. The companys fiscal year-end is December 31.