On March 1, 2020, Chucky Ltd. purchased land for $270,000 cash, which they intend to use for their new head office. Construction on the office building began on March 1. The following expenditures were incurred for construction: Date March 1, 2020 April 1, 2020 May 1, 2020 June 1, 2020 Expenditures $450,000 252,000 450,000 720,000 The office building was completed and ready for occupancy on July 1. To help pay for construction, Chucky borrowed $360,000 on March 1, 2020, on a 9%, three-year note bayable. Other than this note, the only other debt outstanding during 2020 was a $ 150,000, 10%, six-year note payable dated January 1, 2019