Pinewood Corporation manufactures furniture that it sells primarily to customers in the hotel industry. On January 1, 20x3, Pinewood began construction of a new manufacturing plant. The plant was finished and ready for use on August 31, 20x4. Expenditures on the project were as follows: January 1, 20x3 $215,000 September 1, 20x3 $318,000 December 31, 20x3 $318,000 March 31, 20x4 $318,000 August 31, 20x4 $215,000 On January 1, 20x3, Pinewood borrowed $756,000 on a construction loan at 9% interest. This loan was outstanding throughout the construction period. The company also had $4,530,000 in 9% bonds payable outstanding in 20x3 and 20x4. Pinewood's weighted-average accumulated expenditures for 20x3 were: