Problem:
Hanson Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,968,000 on March 1, $1,296,000 on June 1, and $3,019,300 on December 31.
Required:
Question: Compute Hanson's weighted-average accumulated expenditures for interest capitalization purposes.
Note: Be sure to show how you arrived at your answer.