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

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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, 2024 is:

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