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Samtech Manufacturing purchased land and a building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building: An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.7 and $1.3 million, respectively. Shortly after acquisition, Samtech spent $85,000 to construct a parking lot and $43,000 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 $280,000 and the salvaged materials were sold for $7,500. In addition, Samtech spent $82,000 clearing and grading the land in preparation for the construction of a new building. Complete this Guestion by entering your answers in the tabs below. Determine the initial valuation of each asset Samtech acquired in these transactions. Note: Enter your answers in dollars not in millions of dollars