On March 1, 2007, Dennis Company purchased land for an office site by paying $540,000 cash. Dennis began construction on the office building on March 1. The following expenditures were incurred for construction Date Expenditures March 1, 2007 $360,000 April 1, 2007 504,000 May 1, 2007 900,000 June 1, 2007 1,440,000 The office was completed and ready for occupancy on July 1. To help pay for construction, $720,000 was borrowed on March 1. 2007 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2007 was a $300,000, 12%, 6-year note payable dated January 1, 2007 7. Assume the weighted average accumulated expenditures for the construction project are $870,000. The amount of interest cost to be capitalized during 2007 is a. $78,300. b. $82,800 c. $90,000 ber d. $100,800. 100, 300,000/4: 12% years