Petrov Chemical Inc. started construction of a centralized warehousing and Logistics center for its primary use at an estimated cost of $23,000,000 on January 1, 2020. Petrov expected to complete the building by December 31, 2020. Petrov incurred the following debt obligations that were deemed outstanding during the construction period. Construction loan - 14% interest payable semiannually, issued December 31, 2019 for $9,000,000 Short-term loan -12% interest, payable monthly, and principle payable at maturity on April 30, 2021 for $7,300,000 Long-term loan - 13% interest, payable on January 1 of each year. Principle payable on January 1, 2024 for $2,800,000 In addition, Petrov incurred the following expenditures during the year prior to the project's completion: January 1 $3,750,000 April 30 - $4,900,000 August 1 $3,650,000 October 1-$5,350,000 Decomh-