acc 202

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On March 1, 2020, Newton Company purchased land for an office site by paying $2,700,000 cash. Newton began construction on the office building on March 1. The following expenditures were incurred for nonetruntion 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 weighted-average accumulated expenditures on the construction project during 2020 were a. $1,920,000. b. $14,670,000. c. $1,560,000. d. $2,380,000