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2 Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price. Samtech made the following expenditures in connection with the purchase of the land and building: 2.9 Title insurance Legal foon for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $20,000 7,000 40,000 4,400 polnts eBook Hint Print An independent appraisal estimated the fair values of the land and building, If purchased separately, at $3.2 and $1.8 million, respectively. Shortly after acquisition, Samtech spent $86,000 to construct a parking lot and $44,000 for landscaping. Required: 1. Determine the initial valuation of each asset Samtech acquired in these transactions. 2. Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building. Demolition costs were $290,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $83,000 clearing and grading the land in preparation for the construction of a new building. References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the initial valuation of each asset Samtech acquired in these transactions. (Enter your answers in whole dollars.) Assets Initial Valuation Land Me Mill 2. Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the buildir Demolition costs were $290,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $83,000 clea grading the land in preparation for the construction of a new building. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the initial valuation of each asset Samtech acquired in these transactions. (Enter your answers in whole dollars.) ces Initial Valuation Assets Land Building Land improvements Required 2 > Jetermine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building Demolition costs were $290,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $83,000 cleari grading the land in preparation for the construction of a new building. Complete this question by entering your answers in the tabs below. Book Required 1 Required 2 Hint Print Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building. Demolition costs were $290,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $83,000 clearing and grading the land in preparation for the construction of a new building. (Enter your answers in whole dollars.) wrences Initial Valuation Assets Land Building Land improvements