On March 1, 2020, Waterway Industries purchased land for an office site. Waterway began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2020 $1,740,000 April 1, 2020 2,490,000 May 1, 2020 4,470,000 June 1, 2020 4,740,000 The office was completed and ready for occupancy on July 1. To help pay for construction, $3,570,000 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 $1,510,000, 12%, 6-year note payable dated January 1, 2020. Calculate the actual interest cost incurred during 2020 was

Question 11 options: a) $448,950 b) $502,500 c) $251,250 d) $418,750