Subject - account Please help me. Thankyou. 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 $330,000 and the salvaged materials were sold for $5,000. In addition, Samtech spent $87,000 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 Samtech acquired in these transactions. (Enter your answers in whole dollars.)AssetsLandBuildingLand improvementsInitial Valuation Samtech Manufacturing purchased land and building for $5 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 fees$24,0009,00044,0004,800An independent appraisal estimated the fair values of the land and building, if purchased separately, at $4.2 and $1.8 million,respectively. Shortly after acquisition, Samtech spent $90,000 to construct a parking lot and $48,000 for landscaping.

It's worth noting that the specific components of an asset's cost can vary depending on the nature…

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 $330,000 and the salvaged materials were sold for $5,000. In addition, Samtech spent $87,000 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