Samtech Manufacturing purchased land and a building for $3 million. In addition to the purchase price, Samtech made the follow expenditures in connection with the purchase of the land and building: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3 and $1 million, respec 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 building Demolition costs were $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $93,000 cle and grading the land in preparation for the construction of a new building. Complete this question by entering your answers in the tabs below. $ 30,000 7,000 50,000 5,400 Required 1 Required 2 Determine the initial valuation of each asset Samtech acquired in these transactions. Note: Enter your answers in dollars not in millions of dollars. Assets Land Building Land improvements Initial Valuation

Samtech Manufacturing purchased land and a building for $3 million. In addition to the purchase price, Samtech made the follov 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, respe 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 $93,000cl 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