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On January 1,2024, the Mason Manufacturing Company began construction of a building to be used...

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Accounting

On January 1,2024, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30,2025. Expenditures on the project were as follows:
January 1,2024 $ 1,680,000
March 1,20241,260,000
June 30,20241,460,000
October 1,20241,260,000
January 31,2025369,000
April 30,2025702,000
August 31,2025999,000
On January 1,2024, the company obtained a $4,000,000 construction loan with a 12% interest rate. The loan was outstanding all of 2024 and 2025. The companys other interest-bearing debt included two long-term notes of $3,000,000 and $7,000,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2024 and 2025. Interest is paid annually on all debt. The companys fiscal year-end is December 31.

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