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Aleida plans to develop a shopping center and has spent the following amounts: ...

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Accounting

Aleida plans to develop a shopping center and has spent the following amounts:

Acquisition of land $18 000

Surveys and legal fees $700

Land clearing $500

Fencing $5 000

Installing lighting and signage $1 160

Based on these expenditures, what amount should Aleida record in the corporation's Land account in accordance with GAAP? Where should any other amounts--amounts not recorded to the Land account--be recorded and reported?

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