On January 1, 2016, Dreamworld Co. began construction of a new warehouse. The building was finished and ready for use on September 30, 2017. Expenditures on the project were as follows:

January 1, 2016	$326,000
September 1, 2016	$477,000
December 31, 2016	$477,000
March 31, 2017	$477,000
September 30, 2017	$326,000

Dreamworld had $5,900,000 in 12% bonds outstanding through both years.

The average accumulated expenditures for 2017 by the end of the construction period was:

$1,039,500.

$1,656,200.

$1,338,200.

$2,083,000.