On January 1, 2019, XYZ Company contracted Y Construction Co. to construct a building for $2,800,000 on land costing $200,000 (purchased from the contractor and included in the first payment). XYZ made the following payments to the construction company during 2019. January 1 420,000 March 1 600,000 May 1 1,080,000 December 31 900,000 Y Construction completed the building, ready for occupancy, on December 31, 2019. XYZ had the following debt outstanding at December 31, 2019. Specific Construction Debt year note to finance-3,15%,1,500,000 purchase of land and construction of the building, dated December 31, 2018, with interest payable annually on December 31 Other Debt year note payable, dated-5,10% 1,100,000 .2 December 31, 2015, with interest payable annually on December 31 year bonds issued-10,12% ,1,200,000 .3 December 31, 2014, with interest payable annually on December 31 Instruction: Record the necessary journal entries for XYZ books