On March 1, 2020, Sheffield Corp. purchased land for an office site by paying $2620000 cash. Sheffield began construction on the office building on March 1. The following expenditures were incurred for construction: Date March 1, 2020 April 1, 2020 May 1, 2020 June 1, 2020 Expenditures $1750000 2560000 4600000 4720000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3690000 was borrowed on March 1, 2020 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $1490000, 12%, 6-year note payable dated January 1, 2020. The actual interest cost incurred during 2020 was O $510900. O $255450 O $425750. O $455550