( 0142020/2021070300141 16. On March 1, 2015, BC Company purchased land for an office site by paying $540,000 cash. ABC began construction on the office building on March 1. The following expenditures were incurred for construction Date Expenditures March 1, 2015 April 1, 2015 May 1, 2015 June 1, 2015 $360,000 504,000 900,000 1,440,000 The office was completed and ready for occupancy on July 1. To help pay for construction, $720,000 was borrowed on March 1, 2015 on a 9%, 3-year note payable. Other than the construction note, the only debit outstanding during 2015 was a $300,000, 12%, 6-year note payable dated lanuary 1, 2015 The average accumulated expenditures on the construction project during 2015 were Close