Current Attempt in Progress On March 1, 2020, Crane Company purchased land for an office...
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Current Attempt in Progress On March 1, 2020, Crane Company purchased land for an office site by paying $2520000 cash. Crane 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 $1680000 2400000 3600000 3600000 The office was completed and ready for occupancy on July 1. To help pay for construction, and purchase of land $2400000 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 $1400000, 11%, 6-year note payable dated January 1, 2020. The weighted-average accumulated expenditures on the construction project during 2020 were: 1. $2520000. 2. $1680000. 3. $10200000. 4. $2060000.
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