On January 1, 2018, Dreamworld Co. began construction of a new warehouse. The building was finished and ready for use on September 30, 2019. Expenditures on the project were as follows:

January 1, 2018	$	323,000
September 1, 2018	$	483,000
December 31, 2018	$	483,000
March 31, 2019	$	483,000
September 30, 2019	$	323,000

Dreamworld had $6,100,000 in 15% bonds outstanding through both years. Dreamworld's average accumulated expenditures for 2018 was:

Multiple Choice

• $564,750.

• $646,000.

• $484,000.

• $323,000.