Samtech Manufacturing purchased land and a building for $3 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3 and $1 million, respectively. Shortly after acquisition, Samtech spent $96,000 to construct a parking lot and $54,000 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 buildin Demolition costs were $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $93,000 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. Determine the initial valuation of each asset Samtech acquired in these transactions. Note: Enter your answers in dollars not in millions of dollars. An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3 and $1million, respectively. Shortly after acquisition, Samtech spent $96,000 to construct a parking lot and \$54,000 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 buildi Demolition costs were $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech 5pent$93,000 clearing and grading the land in preparation for the construction of a new buliding. Complete this question by entering your answers in the tabs below. Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the buliding. Demolition costs were $390,000 and the saivaged materials were sold for $8,000. In addition, Samtech $pent$93,000 dearing and grading the land in preparation for the construction of a new building. Cearing and grading the land in preparation for the construct Note: Enter your answers in dollars not in millions of dollars