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Help 2 Exercise 10-3 (Algo) Acquisition costs; lump-sum acquisition [LO10-1, 10-2] 5 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: Joints Title Insurance Legal fees for drawing the contract Pro-rated property taxes for the period ofter squisition State transter foes eBook $20,000 7.000 40,000 4,400 Print An Independent appraisal estimated the fair values of the land and building. If purchased separately, at $3.2 and $18 million, respectively. Shortly after acquisition, Samtech spent $86,000 to construct a parking for 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 eferences 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 Building Land improvements Saved Help Sa 3 Exercise 10-5 (Algo) Intangibles (LO10-1) In 2021, Bratten Fitness Company made the following cash purchases. 5 points Book 1. The exclusive right to manufacture and sell the X-Core workout equipment from Symmetry Corporation for $213,000. Symmetry created the unique design for the equipment. Bratten also paid an additional $9,000 in legal and filing fees to attorneys to complete the transaction 2. An initial fee of $310,000 for a three-year agreement with Silver's Gym to use its name for a new facility in the local area. Silver's Gym has locations throughout the country. Bratten is required to pay an additional fee of $6,300 for each month it operates under the Silver's Gym name, with payments beginning in March 2021. Bratten also purchased $413,000 of exercise equipment to be placed in the new facility. 3. The exclusive right to sell Healthy Choice, a book authored by Kent Patterson, for $32,000. The book includes healthy recipes, recommendations for dietary supplements, and natural remedies. Bratten plans to display the book at the check-in counter at its new facility, as well as make it available online Print References Required: Prepare a summary journal entry to record expenditures related to initial acquisitions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction fist Journal entry worksheet 1 Record the expenditures related to initial acquisitions. Save & Exit new facility, as well as make it available online. Check Required: Prepare a summary journal entry to record expenditures related to initial acquisitions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet