Acer Investments Plans to Develop a Shopping Centre What Amount Should Be Recorded as the Cost of Land

Acer Investments plans to develop a shopping centre.In the first quarter,it spent the following amounts: $\begin{array}{|l|l|}\hline\text { Purchase price of land } & \$ 17,000 \\\hline \text { Surveys and legal fees } & 500 \\\hline \text { Land clearing } & 1100 \\\hline \text { Fencing } & 3000 \\\hline \text { Install lighting and signage } & 1060\\\hline\end{array}$ What amount should be recorded as the cost of land in the books of the company?

A) $19,760
B) $26,100
C) $18,700
D) $26,700