Samtech Manufacturing purchased land and building for $6 million. In addition to the purchase price, Samtech made the expenditures in connection with the purchase of the land and building: $27,000 5,588 47,080 5,100 Title insurance Legal fees for drawing the contract Pro-rated property texes for the period after acquisition State transfer fees l estimated the fair values of the land and building, if purchased separately, at $39 and $2.6 million. respectively Shortly after acquisition, Samtech spent $93,000 to construct e parking lot and $51,000 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 $360,000 and the salvaged materiels were sold for $6,500. In addition, Samtech spent $90,000 clearing and grading the land in preparetion for the construction of a new building. Complete this question by entering your answers in the tabs below Required 1 Required2 whole dollars.) Determine the initial valuation of each asset Samtech acquired in these transactions. (Enter your ans Assets Initial Valuation Land Buiding Land improvements Samtech Manutacturing purchased land and building tor S6 million. In addition to the purchase price, Samtech made the tollowing 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 $27,000 5,500 47,000 5,100 $2.6 million, An independent appraisal estimated the fair values of the land and building, If purchased separately at $3.9 and respectively. Shortly after acquisition, Samtech spent $93,000 to construct o parking lot and $51,000 for landscaping Required 1. Determine the initiol 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 $360.000 and the salvaged materials were sold for $6.500. In addition, Samtech spent $90.000 clearing and greding 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 $360,000 and the salvaged materials were sold for $6,500. In addition, Samtech spent $90,000 clearing and grading the land in preparation for the construction of a new building, Enter your answers in whole dollars.) Assets Initial Valtuation Land Building Land improvements