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 Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $20,000 7,000 40,000 4,480 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.2 and $1.8 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 2. Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building 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. 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 > Cedric Company recently traded in an older model of equipment for a new model. The old model's book value was $213.000 (original cost of $463.000 less $250,000 in accumulated depreciation) and its fair value of the old equipment is $200,000. Cedric paid $63,000 to complete the exchange which has commercial substance. Required: Prepare the journal entry to record the exchange (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the exchange of assets. Note: Enter debits before credits. General Journal Debit Transaction Credit View general Journal Record entry Clear entry 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 Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition State transfer fees $ 20,000 7,000 40,000 4,400 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.2 and $18 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. 2. Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building. 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. (Enter your answers in whole dollars. Initial Valuation Assets Land Building Land improvements