Swifty furniture company started construction of a combination office and warehouse building for its own use at an estimated cost of $10,000,000 on january 1, 2020. swifty expected to complete the building by december 31, 2020. swifty has the following debt obligations outstanding during the construction period. construction loan-10% interest, payable semiannually, issued december 31, 2019 $4,000,000 short-term loan-8% interest, payable monthly, and principal payable at maturity on may 30, 2021 2,800,000 long-term loan-9% interest, payable on january 1 of each year. principal payable on january 1, 2024 2,000,000
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