Construction was completed and the building was ready for occupancy on May $27,2026.$ Coronado had no new borrowings directly associated with the new building but had the following outstanding at may $31,2026,$ the end of its fiscal year. $10\%,5-$year note payable of $$2,480,000,$ dated April $1,2022,$ with interest payable annually on April $1.12\%,10-$year bond issue of $$3,720,000$ sold at par on June $30,2018,$ with interest payable annually on June $30.$ The new building qualifies for interest capitalization. The effect of capitalizing the interest on the new building, compared with the effect of expensing the interest is material.