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Samtech Manufacturing purchased land and building for $3 million. In addition to the purchase price, Samtech made the followi

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Answer #1
1) initial valuation
land 2281800
building 760600
land improvements (96000+54000) 150000
Total cost of land & building
purchase cost -land & building 3000000
title insurance 30000
legal fees 7000
state tranfer fees 5400
Total cost 3042400
appraised value %of total appraised value allocation
Land 3000000 75% 2281800
Building 1000000 25% 760600
4000000 100% 3042400
2) land
initial cost 3042400
cost of demolishing 390000
salvage material sold -8000
clearing & garding 93000
total 3517400
Land 3517400
land improvement 150000
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