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$1,290,000March 1, 2018780,000June 30, 2018240,000October 1, 2018690,000January 31, 20191,080,000April 30, 20191,395,000August 31, 20192,520,000

On January 1, 2018, the company obtained a $3 million construction loan with a 11% interest rate. The loan was outstanding all of 2018 and 2019. The company's other interest-bearing debt included two long-term notes of $5,800,000 and $7,800,000 with interest rates of 6% and 8%, respectively. Both notes were outstanding during all of 2018 and 2019. Interest is paid annually on all debt. The company's fiscal year-end is December 31.

Required:

2.What is the total cost of the building?