Doggy Co$.$ began construction of a new cutter for the U$.$S$.$ Coast Guard on January $1,20$X$1$ and completed construction of the ship on October $31,20$X$2.$ To finance construction, Doggy took out an $$8,000,000,2-$year, $6\%$ construction loan on February $1,20$X$1.$ Interest on the loan was to be paid annually on the anniversary date of the loan. Doggy has no other outstanding interest$-$bearing debt. Doggy made the following expenditures in conjunction with this construction project:

Date Expenditure

$2/1/20$X$1$ $ $1,050,000$

$3/31/20$X$1900,000$

$6/1/20$X$1750,000$

$10/1/20$X$11,000,000$

$12/31/20$X$1600,000$

$3/1/20$X$2900,000$

$9/1/20$X$2250,000$

What amount would appear in Doggy$$s construction in progress $($CIP$)$ account at December $31,20$X$1?$

Multiple Choice

$$2,325,000$

$$4,300,000$

$$4,439,500$

$$4,740,000$