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:

$$6,000,000,5\%$ note

$$9,000,000,2\%$ bonds

Construction expenditures incurred were as follows:

July $1,2024$ $ $800,000$

September $30,20241,200,000$

November $30,20241,200,000$

January $30,20251,140,000$