Town Investments plans to develop a shopping center. In the first quarter, they spent the following amounts: Acquisition of land $350,000 Surveys and legal fees 3,000 Land clearing 6,600 Fencing 1,500 Install lighting and signs 3,300 What amount should be recorded as the cost of land in the books of the company? Select one: O $359,600 $353,000 $350,000 O $354,000 O $354,800