On January 1, 2019, Paine Company obtained a $1.2 million construction loan with a 10% interest rate. The construction loan was outstanding during the entire construction period.

The project was completed on September 30, 2019. Expenditures in 2019 were as follows:

January 1 630,000

February 28 90,000

April 30 180,000

July 1 36,000

September 30 64,000

Required:

Determine the completed cost of the library.