Ship-Builders Co. began construction of a new cutter for the
U.S. Coast Guard on January 1, 2018 and completed construction of
the ship on March 31, 2019. To help finance construction,
Ship-Builders took out an $8,000,000, 2-year, 7% loan on January 1,
2018. Interest on the loan was to be paid annually at the end of
each year and the principal at the end. Ship-Builders has no other
outstanding interest-bearing debt. Ship-Builders made the following
expenditures in conjunction with this...