On January 1, 2023, the Balmond Company began construction of a building to be used as its office headquarters. The building was completed on December 31, 2024. Expenditures on the project were as follows:

Expenditures for 2023			Expenditures for 2024
January 3	1,000,000		January 31	300,000
March 31	1,200,000		March 31	500,000
June 30	800,000		May 31	600,000
October 1	600,000

Florida had the following borrowings during 2023. The borrowings were made for specific and general purposes but the proceeds were used in part to finance the construction of a new building:

	Principal	Annual interest
12% Construction loan	2,000,000	240,000
7.6% Long-term note	5,000,000	380,000
6% Mortgage payable	3,000,000	180,000

All debts were outstanding during all of 2023 and 2024.

The total interest expense at the end of December 31, 2024 is: