On March 1, Mocl Co. began construction of a small building. The following expenditures were incurred for construction:

March 1		$227,880
April 1		219,600
May 1		537,000
June 1		804,600
July 1		301,320

The building was completed and occupied on July 1. To help pay for construction $148,440 was borrowed on March 1 on a 12%, three-year note payable. The only other debt outstanding during the year was a $2,000,000, 10% note issued two years ago.

Calculate the weighted-average accumulated expenditures. (Do not leave any answer field blank. Enter 0 for amounts.)

Date		Expenditures			Capitalization Period		Weighted-Average Accumulated Expenditure
March 1		$227,880					$
April 1		219,600
May 1		537,000
June 1		804,600
July 1		301,320
							$

Calculate avoidable interest. (Round answer to 0 decimal places, e.g. 12,515.)

Avoidable interest

$

Ivanhoe Co. purchased for $2,446,000 property that included both land and a building to be used in operations. The sellers book value was $266,000 for the land and $958,000 for the building. By appraisal, the fair value was estimated to be $802,116 for the land and $2,062,584 for the building. At what amount should Ivanhoe report the land and the building at the end of the year? (Round intermediate calculations to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places e.g. 58,971.)

Cost allocated to land		$
Cost allocated to building