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On January 1, 2023, the Balmond Company began construction of a building to be...

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Accounting

On January 1, 2023, the Balmond Company began construction of a building to be used as its office headquarters. The building was completed on December 31, 2024. Expenditures on the project were as follows:
Expenditures for 2023
Expenditures for 2024
January 3
1,000,000
January 31
300,000
March 31
1,200,000
March 31
500,000
June 30
800,000
May 31
600,000
October 1
600,000
Florida had the following borrowings during 2023. The borrowings were made for specific and general purposes but the proceeds were used in part to finance the construction of a new building:
Principal
Annual interest
12% Construction loan
2,000,000
240,000
7.6% Long-term note
5,000,000
380,000
6% Mortgage payable
3,000,000
180,000
All debts were outstanding during all of 2023 and 2024.
The total interest expense at the end of December 31, 2023 is:

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