On January 2, 2012, Indian River Groves began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2013. Expenditures for the construction were as follows: January 2, 2012 $300,000 September 1, 2012 900,000 December 31, 2012 900,000 March 31, 2013 900,000 September 30, 2013 600,000 Indian River Groves borrowed $1,650,000 on a construction loan at 12% interest on January 2, 2012. This loan was outstanding during the construction period. The company also had $6,000,000 in 9% bonds outstanding in 2012 and 2013. The interest capitalized for 2012 was: $90,000 $228,000 $270,000 $72,000