Land and Building purchased for $4 million. In addition to purchase, the following expenditures Title Insurance $32,000- Legal Fees Prorated Taxes $8,000- $52,000 St Transfer Fees $5,600- If purchased seperatly for land & building, $3.6 million and $1.2million. Then spent $98,000 for parking lot & $56.000 for landscaping. 1. Determine the initial valuation of each asset aquired in these transations. Land $ Building $ Improvement $154,000- 2. Determine the initial valuation asset, assuming immediately after acquisition. Demolition cost $410.000- and salvage material sold for $9000. Additional $95,000 for land prep for new Land $ Building $ Improvement $ building construction.