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	$16,000
Legal fees for drawing the contract	5,000
Pro-rated property taxes for the period after the acquisition	36,000
State transfer fees	4,000

An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.3 and $1.1 million, respectively. Shortly after the acquisition, Samtech spent $82,000 to construct a parking lot and $40,000 for landscaping.

Required:

Determine the initial valuation of each asset Samtech acquired in these transactions.