Thornton Industries began construction of a warehouse on July $1,2024.$ The project was completed on March $31,2025.$ No new loans were required to fund construction. Thornton does have the following two interest$-$bearing liabilities that were outstanding throughout the construction period:

$$3,000,000,8\%$ note

$$9,000,000,4\%$ bonds

Construction expenditures incurred were as follows:

$\backslash$table$[[$July $1,2024,$$$480,000$