Semtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Semtech 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 $16,000 5,000 36,000 4,000 period after acquisition State transfer fees An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.3 and $1.1 million, respectively. Shortly after acquisition, Semtech spent $82,000 to construct a parking lot and $40,000 for landscaping Required Determine the initial valuation of each asset Semtech acquired in these transactions. (Enter your answers in dollars not in millions. Omit the "$" sign in your response.) Assets Land Building $4025000 s 1105000 3422000 Land improvements ) Determine the initial valuation of each asset, assuming that immediately after acquisition, Semtech demolished the building Demolition costs were $250,000 and the salvaged materials were sold for $6,000. In addition, Semtech spent $86,000 clearing and grading the land in preparation for the construction of a new building. (Enter your answers in dollars not in millions. Leave no cells blank -be certain to enter "O" wherever required. Omit the "$" sign in your response.) Land Building Land improvements