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:

$$3,000,000,12\%$ note

$$7,000,000,7\%$ bonds

Construction 'expenditures incurred were as follows:

$\backslash$table$[[$July $1,2024,$$$700,000$