Part One: Problem New Corporation purchased land as a factory site and contracted with CVX Construction Company to construct a factory New Corporation made the following expenditures related to the acquisition of the plant assets for the factory Purchase price of the land (51,000,000 for land and $200,000 for old building) S1.200,000 Demolition and removal of old building 80,000 Proceeds from the sale of salvaged materials from old building 30.000 Clearing and grading the land before construction 150.000 Closing costs in connection with acquiring the land 42.000 Architect's fee for the design of the new building 50,000 Payments to CVX Construction Company for building construction 3,250,000 Equipment purchased 860,000 Freight charges on equipment 32,000 Trees, plants and other landscaping 45,000 Installation of a fence 25,000 Cost to build special platforms and install wiring for the equipment 12.000 Cost of trial mins to ensure proper installation of the equipment 7,000 Cost of parking lots and driveways 55,000 Total Cost Instructions: A. Determine the initial valuation of each of the following assets: Asset Calculation Land Land Improvements Building Equipment