9. On March 1, 2007, Mourinho Company purchased land for an office site by paying $540,000 cash. Mourinho began construction on the office building on

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9. On March 1, 2007, Mourinho Company purchased land for an office site by paying $540,000 cash. Mourinho began construction on the office building on March 1. The following expenditures were incurred for construction: 360,000 March 1, 2007 April 1, 2007 May 1, 2007 June 1, 2007 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, 2007 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2007 was a $300,000, 12%, 6-year note payable dated January 1, 2007. The weighted- average accumulated expenditures on the construction project during 2007 were a. $384,000. b. $2,934,000. c. $312,000. d. $696,000