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 acquisition 36,000 State transfer fees 4.000 010-2 An independent appraisal estimated the fair values of the land and building, if nurchased separately, a n d Su million, respectively. Shortly after acquisition, Samtech spent $2.000 to construct a parking lot and 10.00 for landscaping Required: Determine the initial valuation of each asset Samtech acquired in these transactions 2. Repeat requirement I, assuming that immediately after acquisition, Samtech demolished the building. Dem. olition costs were $250,000 and the salvaged materials were sold for $6.000. In addition, Samtech spent 586,000 clearing and grading the land in preparation for the construction of a new building