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 manufacturing facility for its own use. The building was completed in 2025. The company borrowed $2,400,000 at 6% on January 1 to help finance the construction. In addition to the construction loan, Highlands had the following debt outstanding throughout 2024:
$8,000,000,11% bonds
$2,000,000,6% long-term note
Construction expenditures incurred during 2024 were as follows:
January 1 $ 980,000
March 311,580,000
June 301,256,000
September 30980,000
December 31780,000

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