The following information is from Bowin Inc. for a long-term construction project that is expected to be completed in January 2021. The construction project is for a building intended for the company's own use. The capital expenditure on January 1, 2020, is for the purchase of land for the building site. No new construction loans were opened for the project in 2020. All debt was outstanding for the full year. The building has a useful life of 30 years, and the company uses the straight-line depreciation method. Capital Expenditures for 2020 Date Amount Jan. 1, 2020 $ 24,000 Mar. 31, 2020 720,000 June 30, 2020 1,440,000 Nov. 30, 2020 720,000 Outstanding Debt in 2020 Debt Debt Amount Interest Rate Note payable $800,000 8% Note payable 640,000 8% Bond payable 1,600,000 10% Note payable 400,000 9%