Samtech Manufacturing purchased land and building for $5 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 $24,000 9,000 44,000 4,800 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $4.2 and $1.8 million, respectively. Shortly after acquisition, Samtech spent $90,000 to construct a parking lot and $48,000 for landscaping Required 1. Determine the initial valuation of each asset Samtech acquired in these transactions. (Enter youn answers in whole dollars.) Assets Land Building Land improvements$ Initial Valuation $3,526,460 $ 1,511,340 138,000