On January 1, 2024, a company began construction of a new warehouse. The building was finished and ready for use on September 30, 2025. Expenditures on the project were as follows: January 1, 2024 $ 319,000 September 1, 2024 $ 468,000 December 31, 2024 $ 468,000 March 31, 2025 $ 468,000 September 30, 2025 $ 319,000 The company had $5,600,000 in 12% bonds outstanding through both years. Average accumulated expenditures for 2024 were:

$319,000.

$638,000.

$475,000.

$554,750.