On May 1, 2020 a company started constructing a manufacturing facility which was completed on March 31, 2021. You have the following information about the direct costs incurred on the construction project in 2020:

May 1	3,100,000
July 31	4,600,000
October 30	4,200,000
December 1	150,000
All the costs have been debited to the Construction in Progress account. The company took a loan for the project of $3,000,000 on June 1, 2020. The annual interest rate is 4%.
The companys borrowings include: Bank loan, 6% issued March 1, 2020 Note payable 4% issued September 30, 2019	$8,800,000 $2,500,000

The total cost of the manufacturing facility should be recorded in the long-term asset account, Manufacturing Facility under construction. Required Prepare the necessary adjusting entries at December 31, 2020 to record the asset and the capitalization of borrowing costs.