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On March 1, 2017, Mauritania Ltd. purchased land for $270,000 cash, which they intend to use for their new head office. Construction on the office building began on March 1. The following expenditures were incurred for construction:
Date Expenditures
March 1, 2017 $450,000
April 1, 2017 252,000
May 1, 2017 450,000
June 1, 201 7720,000
Question 1: The office building was completed and ready for occupancy on July 1. To help pay for construction, Mauritania borrowed $360,000 on March 1, 2017 on a 9%, three-year note payable. Other than this note, the only other debt outstanding during 2017 was a $150,000, 10%, six-year note payable dated January 1, 2016. The weighted-average accumulated expenditures on the construction project during 2017 were
Option 1: $258,000.
Option 2: $348,000.
Option 3: $156,000.
Option 4: $1,467,000.
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