Check my 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 State transfer fees $30,000 7,000 50,000 5.400 ces 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 $96,000 to construct a parking lot and $54,000 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 $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $93.000 clearing and 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.) Initial Valuation Assets Land Building Land improvements Minyt TUL 120.19 Publication 17 ON Chapter 10 6 Saved Help Save CH 2 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: 0 points Title insurance Legal fees for drawing the contract pro-rated property taxes for the period after acquisition State transfer toon $30,000 7.000 50,000 5.400 look Hint Print An independent appraisal estimated the fair values of the land and building. If purchased separately, at $3 and $1 milion, respectively Shortly after acquisition, Samtech spent $96,000 to construct a parking lot and $54,000 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 $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $93,000 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, assuming that immediately after acquisition, Samtech demolished the building. Demolition costs were $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $93,000 clearing and grading the land in preparation for the construction of a new building. (Enter your answers in whole dollars.) Initial Valuation Assets Land Building Land improvements 1c raw ill
