On July 31, 2022, Martinez Company engaged Duval Tooling Company to construct a special-purpose piece of factory machinery. Construction began immediately and was completed on November 1, 2022. To help finance construction, on July 31 Martinez issued a $504,000, 3-year, 12% note payable at Wellington National Bank, on which interest is payable each July 31. On July 31, $378,000 of the proceeds of the note was paid to Duval. The remainder of the proceeds was temporarily invested in short-term marketable securities (trading securities) at 9% until November 1. On November 1, Martinez made a final $126,000 payment to Duval