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 March 1, 2024 June 30, 2024 $ 1,170,000 840,000 1,040,000 October 1, 2024 840,000 January 31, 2025 306,000 April 30, 2025 639,000 August 31, 2025 900,000 On January 1, 2024, the company obtained a $3,000,000 construction loan with a 15% interest rate. The loan was outstanding all of 2024 and 2025. The company's other interest-bearing debt included two long-term notes of $3,000,000 and $9,000,000 with interest rates of 9% and 13%, respectively. Both notes were outstanding during all of 2024 and 2025. Interest is paid annually on all debt. The company's fiscal year-end is December 31.