On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30,2025 . Expenditures on the project were as follows: January 1, 2024 $1,910,000 March 1, 2024 1,620,000 June 30, 2024 1,820,000 October 1, 2024 1,620,000 January 31, 2025 423,000 April 30, 2025 756,000 August 31, 2025 1,053,000 On January 1,2024 , the company obtained a $4,700,000 construction loan with a 12% interest rate. The loan was outstanding all of 2024 and 2025. The company's other interest-bearing debt included two long-term notes of $6,000,000 and $9,000,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2024 and 2025