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Sandhill Inc. is a book distributor that had been operating in its original facility since 1990 . The increase in certification programs and continuing education requirements in several professions has contributed to an annuat growth rate of 15% for Sandhill since 2015. Sandhill' original facility became obsolete by early 2020 because of the increased sales volume and the fact that Sandhill now carries CDs in addition to books. On June 1,2020 , Sandhill contracted with Black Construction to have a new building constructed for $5,280,000 on land owned by Sandhill. The payments made by Sandhill to Black Construction are shown in the schedule below. Construction was completed and the building was ready for occupancy on May 27, 2021. Sandhill had no new borrowings directly associated with the new bullding but had the following debt outstanding at May 31, 2021, the end of its fiscal year. 10\%, 5-vear note payable of $2,640,000, dated April 1.2017, with interest payable annually on April 1. 12%,10 year bond issue of $3,960,000 sold at par on June 30,2013 , with interest payable annually on June 30 . Ameque ost 3 ved (b) (c) Sandhill Inc. is a book distributor that had been operating in its original facility since 1990 . The increase in certification programs and continuing education requirements in several professions has contributed to an annuat growth rate of 15% for Sandhill since 2015. Sandhill' original facility became obsolete by early 2020 because of the increased sales volume and the fact that Sandhill now carries CDs in addition to books. On June 1,2020 , Sandhill contracted with Black Construction to have a new building constructed for $5,280,000 on land owned by Sandhill. The payments made by Sandhill to Black Construction are shown in the schedule below. Construction was completed and the building was ready for occupancy on May 27, 2021. Sandhill had no new borrowings directly associated with the new bullding but had the following debt outstanding at May 31, 2021, the end of its fiscal year. 10\%, 5-vear note payable of $2,640,000, dated April 1.2017, with interest payable annually on April 1. 12%,10 year bond issue of $3,960,000 sold at par on June 30,2013 , with interest payable annually on June 30 . Ameque ost 3 ved (b) (c)
