2. Samtech Manutacturing purchased land and building for $5 million In addition to the purchase price, Samtech made the tollowing expendtures in connection with the purchase of the land and building Tie insurance Legal tees for drawing the contract Pro-rated property taxes for the period after acquisition $28,000 6,000 48,000 5,200 State transfer fees An independent appraisal estimated the fair values of the land and building, if purchased separately, at $36 and $2 4 miltion, respectively. Shortly affer acquisition, Samtech spent $94,000 to construct a parking lot and $52,000 for landscaping Required: 1 Determine the nitial valuation of each asset Samtech acqured in these transactions (Enter your answers in whole dollars.) Assets Initial Valuation Building Land improvements O Type here to search 3 4 5 6 8