On April 1, 2019, the Contractor Company began construction activity on a new office building. On that date the Contractor Company obtained a construction loan of $800,000 with a 3% annual interest rate. Principal and interest on the loan are due on March 31, 2020. Expenditures on the construction project during 2019 were as follows: April 1, 2019 $540,000 September 1, 2019 $600,000 December 31, 2019 $240,000 The warehouse was completed on December 31, 2019. The work on the warehouse was uninterrupted during this period. The Contractor Company's other outstanding debt during all of 2019 consisted of the following two long-term notes. Interest on the notes are due annually on December 31st, with the next interest payment for each note due on December 31, 2019. Principal Interest Rate $5,000,000 $1,000,000 Required: Calculate the weighted average accumulated expenditures for 2020