Samtech manufacturing purchased land and building for $3 million. in addition to the purchase price, samtech made the following expenditures in connection with the purchase of the land and building: title insurance $ 35,000 legal fees for drawing the contract 9,500 pro-rated property taxes for the period after acquisition 55,000 state transfer fees 5,900 an independent appraisal estimated the fair values of the land and building, if purchased separately, at $3.6 and $1.2 million, respectively. shortly after acquisition, samtech spent $101,000 to construct a parking lot and $59,000 for landscaping. required: 1. determine the initial valuation of each asset samtech acquired in these transactions. (enter your answers in whole dollars.)assets initial valuationland improvements $160,0002. determine the initial valuation of each asset, assuming that immediately after acquisition, samtech demolished the building. demolition costs were $440,000 and the salvaged materials were sold for $7,000. in addition, samtech spent $98,000 clearing and grading the land in preparation for the construction of a new building. (enter your answers in whole dollars.)assets initial valuationland improvements