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 $18,000 6,000 38,000 4,200 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.6 and $1.2 million, respectively. Shortly after acquisition, Samtech spent $84,000 to construct a parking lot and $42,000 for landscaping. Required: 2. Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building. Demolition costs were $270,000 and the salvaged materials were sold for $7,000. In addition, Samtech spent $81,000 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, assuming that immediately after acquisition, Samtech demolished the building, Demolition costs were $270,000 and the salvaged materials were sold for $7,000. In addition, Samtech spent $81,000 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 Initial Valuation S 3,279,150 X $ 1,093,050 S 126,000