On July 31, 2020, Coronado Company engaged Minsk Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2020. To help finance construction, on July 31 Coronado issued a $608,400, 3-year, 10% note payable at Netherlands National Bank, on which interest is payable each July 31. $497,400 of the proceeds of the note was paid to Minsk on July 31. The remainder of the proceeds was temporarily invested in short-term marketable securities at 10% until November 1. On November 1, Coronado made a final $103,000 payment to Minsk. Other than the note to the Netherlands, Coronado's only outstanding liability at December 31 2020, is a $32.400 8%, 6 year note payable, dated January 1, 2017 on which interest is payable each december 31.