On January 1, 2021, the Marjlee Company began construction of an office building to be used as its corporate headquarters. The building was completed early in 2022. Construction expenditures for 2021, which were incurred evenly throughout the year, totaled $9,900,000. Marjlee had the following debt obligations which were outstanding during all of 2021:
Construction loan, 10% $ 2,475,000
Long-term note, 9% 3,300,000
Long-term note, 6% 6,600,000
