1. On March 1, 2017, Concord Corporation purchased land for an office site by paying $2780000 cash Concord began corstruction on the office building os March 1. The following expenditures were incurred for construction Expenditures 1780000 March , April 1, 2017 May 1, 2017 une 1, 2017 850000 The office was completed and ready for occupancy on July 1. To help pay for constuction, and purchase of land $3600000 mas borrowed on March 1, 2017 en a 9%, 3-year note payable. Ogerean construction note, the only debt outstanding during 2017 was a $1430000, 12%, 6 year note payable dated Jauary 1,2017 The actual interest cost incurred during 2037 was 413000. 495600 247800. 2. On January 2, 2017, Oniole Company began construction of a new ctrus processing plant. The automated plat was fnished and ready for use on September 30, 2018. Expenditures for the construction were as follows 2, 2017 603000 , 2017 31, 2017 1, 2018 L0B00 0, 2018