On March 1, Mocl Co. began construction of a small building. The following expenditures were incurred for construction: March 1 $ 300,000 June 1 600,000 December 31 240,000 The building was completed and occupied on December 31st. To help pay for construction $500,000 was borrowed on March 1 on a 12%, three-year note payable. Other outstanding debt during the year was a $500,000, 14% bond, issued two years ago, and 10% bank loan for $300,000.