On January 2, 2025, Crane Company began construction of a new citrus processing plant. The automated plant was finished and ready for use on September 30, 2026. Expenditures for the construction were as follows: Crane Company borrowed $3200000 on a construction loan at 10% interest on January 2,2025 . This loan was outstanding during the construction period. The company also had $11400000 in 7\% bonds outstanding in 2025 and 2026 . The interest capitalized for 2025 was