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On March 1, 2020, Waterway Industries purchased land for an office site by paying $2748000...

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On March 1, 2020, Waterway Industries purchased land for an office site by paying $2748000 cash. Waterway began construction on the office building on March 1. The following expenditures were incurred for construction: The office was completed and ready for occupancy on July 1 . To help pay for construction, and purchase of land $3020000 was borrowed on March 1, 2020 on a 10\%, 3-year note payable. Other than the construction note, the only debt outstanding during 2020 was a $1500000,13%,6-year note payable dated January 1,2020. The weighted-average accumulated expenditures on the construction project during 2020 were $2209000.$11004000$2748000$1716000

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