On March 1, 2020, Concord Corporation purchased land for an office site by paying $2784000 cash. Concord began construction on the office building on March 1. The following expenditures were incurred for construction: Date March 1, 2020 Expenditures $1764000 April 1, 2020 2520000 May 1, 2020 4368000 June 1, 2020 4188000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $2650000 was borrowed on March 1, 2020 on a 8%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $1530000, 11%, 6-year note payable dated January 1, 2020. The weighted-average accumulated expenditures on the construction project during 2020 were $2784000. $11436000. $3223000. O $1764000. Save for Later Attempts: 0 of 1 used Submit