On March 1, 2020, Concord Corporation purchased land for an office site by paying $2784000 cash. Concord 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 $1764000 2520000 4368000 4188000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $2650000 was borrowed on March 1, 2020 on a 8%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $1530000, 11%, 6-year note payable dated January 1, 2020. The weighted-average accumulated expenditures on the construction project during 2020 were $2784000. $3223000. $11436000. O $1764000