On March 1, 2025, Oriole Company purchased land for an office site by paying $2520000 cash. Oriole began construction on the office building on March 1. The following expenditures were incurred for construction: Date Expenditures March 1, 2025 $1860000 April 1, 2025 2484000 May 1, 2025 3888000 June 1, 2025 4764000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $3500000 was borrowed on March 1, 2025 on a 9%, 3-year note payable. Other than the construction note, the only debt outstanding during 2025 was a $1570000, 12%, 6-year note payable dated January 1, 2025. The weighted-average accumulated expenditures on the construction project during 2025 were