Doggy Co. began construction of a new cutter for the U.S. Coast Guard on January 1, 20X1 and completed construction of the ship on October 31, 20X2. To finance construction, Doggy took out an $8,000,000, 2-year, 6% construction loan on February 1, 20X1. 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 Amount 2/1/20X1 $ 1,050,000 3/31/20X1 900,000 6/1/20X1 750,000 10/1/20X1 1,000,000 12/31/20X1 600,000 3/1/20X2 900,000 9/1/20X2 250,000 What is the amount of Doggys cumulative weighted average expenditures during 20X1 related to the cutter project? Multiple Choice $2,150,000 $2,325,000 $2,536,364 $4,300,000