On January 1, 2021, Dreamworld Co. began construction of a new warehouse. The building was finished and ready for use on September 30, 2022. Expenditures on the project were as follows:

January 1, 2021	$	326,000
September 1, 2021	$	477,000
December 31, 2021	$	477,000
March 31, 2022	$	477,000
September 30, 2022	$	326,000

Dreamworld had $5,900,000 in 12% bonds outstanding through both years. Dreamworld's average accumulated expenditures for 2021 was:

Multiple Choice

• $326,000.

• $566,500.

• $485,000.

• $652,000.