Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a factory. Teradene made the following expenditures related to the acquisition of the land, building, and equipment for the factory: Purchase price of the land Demolition and removal of old building Clearing and grading the land before construction Various closing costs in connection with acquiring the land $ 1,350,000 95,000 225,000 57,000 Architect's fee for the plans for the new building Payments to Maxtor for building construction Equipment purchased Freight charges on equipment Trees, plants, and other landscaping Installation of a sprinkler system for the landscaping Cost to build special platforms and install wiring for the equipment Cost of trial runs to ensure proper installation of the equipment Fire and theft insurance on the factory for the first year of use 65,000 3,400,000 935,000 47,000 60,000 6,500 27,000 8,500 39,000 In addition to the above expenditures, Teradene purchased four forklifts from Caterpillar. In payment, Teradene paid $31,000 cash and signed a noninterest-bearing note requiring the payment of $85,000 in one year. An interest rate of 8% properly reflects the time value of money for this type of loan. Required: Determine the amount Teradene would record for each of the assets acquired in the above transactions. Note: Use tables, Excel, or a financial calculator. Round your final answers to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Land Building Equipment Assets Land improvements Fork lifts Prepaid insurance Initial valuation