10.00 points Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price Samtech made the following expenditures in connection with the purchase of the land and building Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition 37,000 $17.000 5,500 State transfer fees 4,100 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3 and $1 million, respectively Shortly after acquisition, Samtech spent $83,000 to construct a parking lot and $41,000 for landscaping Required 1 Determine the initial valuation of each asset Samtech acquired in these transactions. (Enter your answers in whole dollars.) Assets Initial Valuation Land Building Land improvements 2 Determine the initial valuation of each asset, assuming that immediately after acqu material isition, Samtech s were sold for demolished the building Demolition costs were $260 $6.500 In addition, Samtech spent $80,000 clearing and grading the land in preparation for the construction of a new building (Enter your answers in whole dollars.) Initial Valuation Land Building Land improvements