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Samtech Manufacturing purchased land and 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: Title insurance Legal fees for drawing the contract Pro-rated property taxes for the period after acquisition $21,000 7,500 41,000 4,500 An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.9 and $1.1 million respectively. Shortly after acquisition, Samtech spent $87,000 to construct a parking lot and $45,000 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 $300,000 and the salvaged materials were sold for $8,500. In addition, Samtech spent $84,000 clearing and grading 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 Samtech acquired in these transactions. (Enter your answers in whole dollars.) Assets Inial Valuation Land Land i Samtech Manufacturing purchased land and 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 $21,000 7.500 41,000 4,500 Title insurance Pro-rated property taxes for the period after acquisition An independent appraisal estimated the fair values of the land and building.if purchased separately, at $39 and $11 million, respectively, Shorty after acquisition, Samtech spent $87000 to construct a parking , Samtech spent $87000 to construct a parking lot and $45,000 for landscaping Required: 1. Determine the initial valuation of each asset Samtech acquired in these transactions. 2. Determine the initial valuation of each asset, assumi Demolition costs were $300,000 and the salvaged materials were sold for $8,500. In addition, Samtech spent $84,000 clearing grading the land in preparation for the construction of a new building. ing that immediately after acquisition, Samtech demolished the 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, Sam clearing and grading the land in preparation for the construction of a new building. (Enter your answers in whole dollars.) tech demolished the building ts were $300,000 and the salvaged materials were sold for $8,500. In addition, Samtech spent $84,000 Initial Valu Land Building Land