Teal Mountain Industries Inc. started construction of a manufacturing facility for its own use at an estimated cost of $11,600,000 on January 1, 2017. Teal Mountain expected to complete the building by December 31, 2017. Teal Mountains debt, all of which was outstanding during the construction period, was as follows.

Construction loan11% interest, payable semiannually, issued December 31, 2016; $5,800,000

Long-term loan #1 10% interest, payable on January 1 of each year. Principal payable on January 1, 2019; $1,740,000

Long-term loan #212% interest, payable on December 31 of each year. Principal payable on December 31, 2025; $4,060,000

Assume that Teal Mountain completed the facility on December 31, 2017, at a total cost of $11,948,000, and the weighted-average amount of accumulated expenditures was $7,888,000.