On december 31, 2019, martinez inc. borrowed $3,840,000 at 13% payable annually to finance the construction of a new building. in 2020, the company made the following expenditures related to this building: march 1, $460,800; june 1, $768,000; july 1, $1,920,000; december 1, $1,920,000. the building was completed in february 2021. additional information is provided as follows.1. other debt outstanding 10-year, 12% bond, december 31, 2007, interest payable annually $6,720,0006-year, 11% note, dated december 31, 2011, interest payable annually $2,688,0002. march 1, 2014, expenditure included land costs of $252,000 3. interest revenue earned in 2014 $82,320