Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price. Samtech made the followit 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 $19,000 6,500 39,000 4,300 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.7 and $13 million, respectively. Shortly after acquisition, Samtech spent $85,000 to construct a parking lot and $43,000 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 $280,000 and the salvaged materials were sold for $7,500. In addition, Samtech spent $82,000 clearing and grading the land in preparation for the construction of a new building, Answer is complete but not entirely correct. 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 I Land $ Initial Valuation 3,010,912 1,057 888 128,000 Building Land improvements $ Required 2 > Chapter 10 Check my work mode: This shows what is correct or incor Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price. Samtech made the 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 $19.000 6,500 39,000 4,300 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.7 and 513 million respectively. Shortly after acquisition, Samtech spent $85,000 to construct a parking lot and $43,000 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 buildin Demolition costs were $280,000 and the salvaged materials were sold for $7.500. In addition, Samtech spent $82,000 clear grading the land in preparation for the construction of a new building Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Requirt 2 Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building Demolition costs were $280,000 and the salvaged materials were sold for $7,500. In addition, Samtech spent $82,000 clearing and grading the land in preparation for the construction of a new building. (Enter your answers in whole dollars.) Assets Land Building Land improvements 4.423,300 $ S $ 128 000 Required 1 Heged
