On March 1, 2017, Newton Company purchased land for an office site by paying $2,700,000 cash. Newton began construction on the office building on March 1. The office was completed and ready for occupancy on July 1. To help pay for purchase of land and construction, $3,600,000 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 $1,500,000, 12%, 6-year note payable, dated January 1, 2017. Assume the weighted-average accumulated expenditure for the construction project was $4,350,00o. The amount of interest cost to be capitalized during 2017 was Select one a. $414,000 b. $504,000 c. $391,500. d. $450,000