On January 1, 2021, Kendall Inc. began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 September 1, 2021 December 31, 2021 March 31, 2022 September 30, 2022 $270,000 $384,000 $384,000 $384,000 $ 270,000 Kendall borrowed $778,000 on a construction loan at 8% interest on January 1, 2021. This loan was outstanding throughout the construction period. The company had $4,640,000 in 8% bonds payable outstanding in 2021 and 2022. Average accumulated expenditures for 2022 was