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 ($1,000,000 for land and $200,000 for old building) Demolition and removal of old building Proceeds from the sale of salvaged materials from old building Clearing and grading the land before construction Closing costs in connection with acquiring the land Architect's fee for the design of the new building Payments to CVX Construction Company for building construction Equipment purchased Freight charges on equipment Trees, plants and other landscaping Installation of a fence Cost to build special platforms and install wiring for the equipment Cost of trial runs to ensure proper installation of the equipment Cost of parking lots and driveways $1,200,000 80,000 30,000 150,000 42,000 50,000 3,250,000 860,000 32,000 45,000 25,000 12,000 7,000 55,000 Total Cost Instructions: A. Determine the initial valuation of each of the following assets: Asset Calculation Land Land Improvements Building Equipment