The Beatles Co. began construction of a recording studio on January 1, 2020 and completed the studio on October 31, 2021. The details on the expenditures relating to the project were as follows: January 1, 2020 March 31, 2020 October 1, 2020 February 1, 2021 April 30, 2021 $ 1,400,000 2,700,000 900,000 1,800,000 1,500,000 The company provided the following information on its various debts outstanding during the entire period of the construction: 12%, ten-year note issued on December 31, 2012 1,000,000 9%, five-year bank loan taken on January 1, 2019 2,000,000 The capitalzied cost of the recording studio on Beatles' balance sheet after October 31, 2021 was: Multiple Choice $8,300,000