Samtech Manufacturing purchased land and a building for $\backslash (\backslash$$ $5\backslash )$ million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of the land and building:

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Title insurance $ $28,000$

Legal fees for drawing the contract $6,000$

Pro$-$rated property taxes for the period after acquisition $48,000$

State transfer fees $5,200$

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An independent appraisal estimated the fair values of the land and building, if purchased separately, at $\backslash$$$3\mathrm{.}6$ and $\backslash$$$2\mathrm{.}4$ million, respectively. Shortly after acquisition, Samtech spent $\backslash$$$94,000$ to construct a parking lot and $\backslash$$$52,000$ 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 $\backslash (\backslash$$ $370,000\backslash )$ and the salvaged materials were sold for $\backslash (\backslash$$ $7,000\backslash ).$ In addition, Samtech spent $\backslash$$$91,000$ clearing and grading the land in preparation for the construction of a new building.

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Determine the initial valuation of each asset Samtech acquired in these transactions.

Note: Enter your answers in dollars not in millions of dollars.