Samtech Manufacturing purchased land and 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: $17.000 Title insurance Legal fees for drawing the contract Tro-rated property taxes for the period after acquisition State transfer fees 5.500 37.000 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 583,000 to construct a parking lot and $41,000 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 $260,000 and the salvaged materials were sold for $1,500. In addition, Samtech spent $80,000 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. Required 1 Required 2 Determine the initial valuation of each asset Samtech acquired in these transactions. (Enter your answers in whole dollars) Assets initial Valuation Land Building 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 $260,000 and the salvaged materials were sold for $6,500. In addition, Samtech spent $80,000 clearing grading the land in preparation for the construction of a new building. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the initial valuation of each asset Samtech acquired in these transactions. (Enter your answers in whole dollars.) Initial Valuation Assets Land Building Land improvements Required 2 > An inaependent appraisai esumatea the rair values of the lana ana bunding. ir purchased separatery, at > ana > mimon, respectivery. Shortly after acquisition, Samtech spent $83,000 to construct a parking lot and $41,000 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 $260,000 and the salvaged materials were sold for $6,500. In addition, Samtech spent $80,000 clearing and grading the land in preparation for the construction of a new building. eBook Complete this question by entering your answers in the tabs below. Hint Print References Required 2 Required 1 Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building. Demolition costs were $260,000 and the salvaged materials were sold for $6,500. In addition, Samtech spent $80,000 clearing and grading the land in preparation for the construction of a new building. (Enter your answers in whole dollars. initial Valuation Assets Land Building Land improvements
