Question: On January 1 , 2 0 2 4 , the Highlands Company began construction on a new manufacturing facility for its own use. The building

On January 1,2024, the Highlands Company began construction on a new

On January 1,2024, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2025. The company borrowed $1,600,000 at 9% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2024 :
$5,000,000,13% bonds
$3,000,000,9% long-term note
Construction expenditures incurred during 2024 were as follows:
\table[[January 1,$700,000
please answer the required.
manufacturing facility for its own use. The building was completed in 2025.

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