Exercise 10-3 (Algo) Acquisition costs; lump-sum acquisition [LO10-1, 10-2] Samsech Manufocturing purchased land and a bulding for $3 millign, In oddition to the purchase price. Samtech madte the foliowing expenditured in connection with the purchnse of the land and bullding: An independent appraisol estimated the fair volues of the land and bullding, if purchased separately, ot $3 and 51 million. respectively. Shortly after acquisition, Samtech spent 596,000 to construct o porking lot and 554,000 for landscoping Required: 1. Determine the initial valuation of each asset Samtech ocquired in these transections. 2. Determine the initial valuation of each osset, assuming thet immediately offer acquisition. Samtech demolished the building. Demolition costs were $390,000 and the salvaged materinis were sold for 58,000 . In addition, Semtech spent $93,000 clearing ond grading the land in preperetion for the construction of a new building. Complete this uuestion by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Determine the initial valuation of each asset Samtech acquired in these transacti Note: Enter your answers in dollars not in millions of dollars. Complete this question by entering your answers in the tabs below. Determine the initlal valuation of each asset, assuming that immediately after acquisition, Samtech demolished the bulding Demolition costs were $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech 5pent$93,000 clearing and grading the land in preparation for the construction of a new bullding. Note: Enter your answers in dollars not in millions of dollars