On March 1, 2015, Newton Company purchased land for an office site by paying $540,000 cash. Newton began construction on the office building on March 1. The following expenditures were incurred for construction:

Date	Expenditures
March 1, 2015	$ 360,000
April 1, 2015	504,000
May 1, 2015	900,000
June 1, 2015	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, 2015 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2015 was a $300,000, 12%, 6-year note payable dated January 1, 2015. The weighted-average accumulated expenditures on the construction project during 2015 were