Initial valuations and journal entries

References 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: Title insurance $33,000 Legal fees for drawing the contract 8.500 Pro-rated property taxes for the period after acquisition $3,000 State transfer fees 5,700 An independent appraisal estimated the fair values of the land and building, if purchased separately. at $3 and $2 million, respectively. Shortly after acquisition, Samtech spent $99,000 to construct a parking lot and $57,000 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 $420,000 and the salvaged materials were sold for $9,500. In addition, Samtech spent $96,000 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. l Requiredl l RequiredZ Determine the initial valuation of each asset Samtech acquired in these transactions. (Enter your answers in whole dollars.) Land Building Land improvements Tristar Production Company began operations on September 1, 2021. Listed below are a number of transactions that occurred during its first four months of operations. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 2 points 1. On September 1, the company acquired ve acres of land with a building that will be used as a warehouse. Tristar paid $190,000 in cash for the property. According to appraisals, the land had a fair value of $126,000 and the building had a fair value of $84,000. El 2. On September 1, Tristar signed a $49,000 noninterestbearing note to purchase equipment. The $49,000 payment is due on September 1, 2022. Assume that 10% is a reasonable interest rate. 95\"" 3. On September 15, a truck was donated to the corporation. Similar trucks were selling for $3,400. 4. On September 18, the company paid its lawyer $7,500 for organizing the corporation. 5. On October 10, Tristar purchased maintenance equipment for cash. The purchase price was $24,000 and $950 in freight charges Print also were paid. 6. On December 2, Tristar acquired various items of ofce equipment. The company was short of cash and could not pay the $5,400 normal cash price. The supplier agreed to accept 200 shares of the company's no-par common stock in exchange for the R f equipment. The fair value of the stock is not readily determinable. E erences 7. On December 10, the company acquired a tract of land at a cost of $29,000. It paid $2,000 down and signed a 12% note with both principal and interest due in one year. Twelve percent is an appropriate rate of interest for this note. Required: Prepare journal entries to record each of the above transactions. (If no entry is required for a transaction/event, select "Nojournal entry required" in the rst account field. Round nal answers to the nearest whole dollars.)