n March 1, 2020, Sheffield Corp. purchased land for an office site by paying $2796000 cash. Sheffield began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2020 $1716000 April 1, 2020 2400000 May 1, 2020 3744000 June 1, 2020 3612000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $2620000 was borrowed on March 1, 2020 on a 8%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $1480000, 11%, 6-year note payable dated January 1, 2020. The weighted-average accumulated expenditures on the construction project during 2020 were

$1716000.

$2796000.

$3029000.

$10656000.