Samtech Manufacturing purchased land and 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 $ $20,000$

Legal fees for drawing the contract $7,000$

Pro$-$rated property taxes for the period after acquisition $40,000$

State transfer fees $4,400$

An independent appraisal estimated the fair values of the land and building, if purchased separately, at $$3\mathrm{.}2$ and $$1\mathrm{.}8$ million, respectively. Shortly after acquisition, Samtech spent $$86,000$ to construct a parking lot and $$44,000$ for landscaping.

Required:

$1.$ Determine the initial valuation of each asset Samtech acquired in these transactions: Land, Building, Land Improvements.

$2.$ Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building: Land, Building, Land Improvements. Demolition costs were $$290,000$ and the salvaged materials were sold for $$8,000.$ In addition, Samtech spent $$83,000$ clearing and grading the land in preparation for the construction of a new building.