on december 31, 2019, pharoah 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. 2 3. other debt outstanding 10-year, 14% bond, december 31, 2013, interest payable annually 6-year, 11% note, dated december 31, 2017, interest payable annually march 1, 2020, expenditure included land costs of $192,000 interest revenue earned in 2020 $5,120,000 $2.048,000 $62.720