2.22 pts Question 1 On March 1, 2020, Newton Company purchased and for an ofhce site by paying $2.700.000 cash. Newton began construction on the office building on March 1. The following expenditures were incurred for construction: Date March 1, 2020 April 1. 2020 May 1, 2020 June 1, 2020 Expenditures $ 1,800,000 2.520,000 4.500.000 4,800,000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3,600,000 was borrowed on March 1, 2020 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $1,500,000, 12%, 6-year note payable dated January 1, 2020 The actual interest cost incurred during 2017 was $420,000 $450.000 Next