Samtech Manufacturing purchased land and a 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:

Title insurance $ $16,000$

Legal fees for drawing the contract $5,000$

Pro$-$rated property taxes for the period after acquisition $36,000$

State transfer fees $4,000$

An independent appraisal estimated the fair values of the land and building, if purchased separately, at $$3\mathrm{.}3$ and $$1\mathrm{.}1$ million, respectively. Shortly after acquisition, Samtech spent $$82,000$ to construct a parking lot and $$40,000$ for landscaping.

Required:

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.