Samtech Manufacturing purchased land and a building for $$4$ million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building:Title insuranceLegal fees for drawing the contractPro$-$rated property taxes for the period after acquisition State transfer fees$ $31,0007,50051,0005,500$An independent appraisal estimated the fair values of the land and building, if purchased separately, at $$3\mathrm{.}5$ and $$1\mathrm{.}5$ million, respectively. Shortly after acquisition, Samtech spent $$97,000$ to construct a parking lot and $$55,000$ for landscaping.Required:$1.$ Determine the initial valuation of each asset Samtech acquired in these transactionS $($including the land improvements as its own asset$)\mathrm{.}2.$ Determine the initial valuation of each asset $($including the land improvements as its own asset$),$ assuming that immediately after acquisition, Samtech demolished the building.Demolition costs were $$400,000$ and the salvaged materials were sold for $$8,500.$ In addition, Samtech spent $$94,000$ clearing and grading the land in preparation for the construction of a new building.