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plz solve this Q Check my work Exercise 10-3 (Static) Acquisition costs; lump-sum acquisition (LO10-1, 10-2] Samtech Manufacturing purchased land and building for $4 million.
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Check my work Exercise 10-3 (Static) Acquisition costs; lump-sum acquisition (LO10-1, 10-2] 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: points Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $16,000 5,000 36,000 4,000 eBook An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.3 and $1.1 million, respectively. Shortly after acquisition, Samtech spent $82,000 to construct a parking lot and $40,000 for landscaping. Hint Print 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 $250,000 and the salvaged materials were sold for $6,000. In addition, Samtech spent $86,000 clearing and grading the land in preparation for the construction of a new building. References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building. Demolition costs were $250,000 and the salvaged materials were sold for $6,000. In addition, Samtech spent $86,000 clearing and grading the land in preparation for the construction of a new building. (Enter your answers in whole dollars.) Initial Valuation $ 4,355,000 Assets Land Building Land improvements | $ 122,000Step by Step Solution
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