Hi there, can help with answering the attached questions, thanks so much. Exercise 10-3 (Algo) Acquisition costs; lump-sum acquisition [LO10-1, 10-2]Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price. Samtech made the followingexpenditures in connection with the purchase of the land and building:Title insuranceLegal fees for drawing the contractPro-rated property taxes for the period after acquisitionState transfer feesAn independent appraisal estimated the fair values of the land and building, if purchased separately, at $3 and $1 million, respectively.Shortly after acquisition, Samtech spent $96,000 to construct a parking lot and $54,000 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 $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $93,000 clearing andgrading the land in preparation for the construction of a new building.Complete this question by entering your answers in the tabs below.$30,0007,00050,0005,400Required 1 Required 2Determine the initial valuation of each asset Samtech acquired in these transactions. (Enter your answers in whole dollars.)Initial ValuationAssetsLandBuildingLand improvements< Required 1Required 2 > Exercise 10-3 (Algo) Acquisition costs; lump-sum acquisition [LO10-1, 10-2]Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price. Samtech made the followingexpenditures in connection with the purchase of the land and building:Title insuranceLegal fees for drawing the contractPro-rated property taxes for the period after acquisitionState transfer feesAn independent appraisal estimated the fair values of the land and building, if purchased separately, at $3 and $1 million, respectively.Shortly after acquisition, Samtech spent $96,000 to construct a parking lot and $54,000 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 $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $93,000 clearing andgrading 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 2Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building.Demolition costs were $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $93,000clearing and grading the land in preparation for the construction of a new building. (Enter your answers in whole dollars.)Assets$30,0007,00050,0005,400LandBuildingLand improvementsInitial Valuation< Required 1Required 2 >

Lump sum acquisition is also referred to as Basket purchase where the assets are purchased as group.…

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 State transfer fees An independent appraisal estimated the fair values of the land and building, if purchased separately, at $3 and $1 million, respectively. hortly after acquisition, Samtech spent $96,000 to construct a parking lot and $54,000 for landscaping. Required: . Determine the initial valuation of each asset Samtech acquired in these transactions. Determine the initial valuation of each asset, assuming that immediately after acquisition, Samtech demolished the building. Demolition costs were $390,000 and the salvaged materials were sold for $8,000. In addition, Samtech spent $93.000 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. $30,000 7,000 50,000 5,400 Required 1 Required 2 Determine the initial valuation of each asset Samtech acquired in these transactions. (Enter your answers in whole dollars.) Initial Valuation Assets Land Building Land improvements < Required 1 Required 2 >