On January 1, 2024, a company began construction of an automated cattle feeder system. The system was finished and ready for use on September 30, 2025. Expenditures on the project were as follows: January 1, 2024 September 1, 2024 December 31, 2024 March 31, 2025 September 30, 2025 $ 240,000 $ 348,000 $ 348,000 $ 348,000 $ 240,000 The company borrowed $766,000 on a construction loan at 8% interest on January 1, 2024. This loan was outstanding throughout the construction period. The company had $4,580,000 in 8% bonds payable outstanding in 2024 and 2025. Average accumulated expenditures for 2024 was:

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