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On March 1, 2017, Crane Company purchased land for an office site by paying $2532000 cash. Crane began construction on the office building on March
On March 1, 2017, Crane Company purchased land for an office site by paying $2532000 cash. Crane began construction on the office building on March 1. The following expenditures were incurred for construction Date March 1, 2017 April 1, 2017 May 1, 2017 June 1, 2017 $1872000 2400000 3792000 3996000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $2740000 was borrowed on March 1, 2017 on a 10%, 3-year note payable. Other than the construction note, the only debt outstanding during 2017 was a $1410000, 13%, 6-year note payable dated January 1, 2017 The weighted-average accumulated expenditures on the construction project during 2017 were $3033000. O$1673000 O $14423000. O $1313000
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