on january 1, 2021, the company obtained a $3 million loan with a 12% interest rate. the building was completed on september 30, 2022. expenditures on the project were as follows: january 1, 2021 $ 1,170,000 march 1, 2021 990,000 june 30, 2021 110,000 october 1, 2021 730,000 january 31, 2022 855,000 april 30, 2022 1,170,000 august 31, 2022 2,070,000 on january 1, 2021, the company obtained a $3 million construction loan with a 12% interest rate. assume the $3 million loan is not specifically tied to construction of the building. the loan was outstanding all of 2021 and 2022. the company’s other interest-bearing debt included two long-term notes of $5,300,000 and $7,300,000 with interest rates of 5% and 7%, respectively. both notes were outstanding during all of 2021 and 2022. interest is paid annually on all debt. the company’s fiscal year-end is dec