On 1 January 2020, Halwani Brothers began to construct a Department Store which had an estimated useful life of 30 years. It purchased site for $15,000,000. The construction of the building cost $12 million and fixtures and fittings cost $3 million. The construction of the Department Store was completed on 30 November 2020, and it was brought in to use on 1 February 2021.

Halwani Brothers borrowed $30,000,000 on 1 January 2020 to finance this project. The loan carried interest at 8% per annum. It was repaid on 30 June 2021.

Calculate the total amount to be included at cost in property, plant, and equipment in respect of the construction of the Department Store on 31 December 2020.

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