On January $1,2024,$ a company began construction of an automated cattle feeder

system. The system was finished and ready for use on September $30,2025.$

Expenditures on the project were as follows:

The company borrowed $$780,000$ on a construction loan at $9\%$ interest on January $1,$

This loan was outstanding throughout the construction period. The company had

$$4,650,000$ in $9\%$ bonds payable outstanding in $2024$ and $2025.$

Average accumulated expenditures for $2025$ was:

Multiple Choice

$$1,626,450.$

$$1,351,450.$

$$686,450.$

$$1,590,000.$