9 On January 1, 2020, Desert Company purchased land for an office site by paying $2,700,000 cash. Desert began construction on the office building on March 1st. The following expenditures were incurred for construction: Date Expenditure March 1, 2020 $1,800,000 April 1, 2020 $2,520,000 May 1, 2020 $4,500,000 June 1, 2020 $4,800,000 The office was completed and ready for occupancy on July 31st. To help pay for construction, $3,600,000 was borrowed on January 1, 2020, on a 9%, 3-year note payable. Desert had no other outstanding debt.

The weighted-average-accumulated-expenditures on the construction project during 2020 were:

$3,515,000

$3,280,000

$2,380,000

$4,640,000