Teradene Corporation (TC) was incorporated on January 1, 2021, but was unable to begin manufacturing activities until July 1, 2021, because the new factory facilities were not completed until that date. + TC purchased land as a factory site and contracted with Maxtor Construction to construct a factory. TC made the following expenditures related to the acquisition of the land, building, and machinery to equip the factory during 2021. Debit Balances e $1,200,000 e [ Description 1) Cost of real estate purchased as a factory site (land $1,000,000 and $200,000 old building). 2) Demolition and removal of old building 3) Clearing, excavation and grading the land before construction 4) Legal fee paid for the examination of title covering purchase of land 5) Architect's fee for the plans for the new building 6) Payment to Maxtor for building construction 7) Machinery purchased 8) Freight charges on machinery 9) New parking lots, streets, sidewalks and fences surrounding TC's factory site. 10) Installation of a sprinkler system for the landscaping 11) Cost to build special platforms and install wiring for the machinery 12) Cost of trial runs to ensure proper installation of the machinery 13) Fire, liability and theft insurance premium covered the new building for a 6 month term beginning July 1, 2021.- 14) Title guarantee insurance to protect against title defects in land. - 15)+ Special assessments for local improvements, such as pavements, street lights, sewers, and drainage systems. $80,000 e $150,000 e $42,000 $50,000 e $3,250,000 $860,000 e $32,000 e $45,000 ] $5,000 $12,000 e $7,000 e $24,000 e $18,000 e $30,000 e ] Description 16) Proceeds from salvage of demolished old building Credit Balance e $3,500 e Required: Determine the initial valuation of each of the assets which TC acquired in the above transactions as at December 31, 2021. If an item is not capitalized as a cost of any assets, indicate how it should be reported