Teradene Corporation purchased land as a factory site and contracted with Maxtor Construction to construct a factory. Teradene made the following expenditures related to the acquisition of the land, building, and equipment for the factory: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Purchase price of the land Demolition and removal of old building Clearing and grading the land before construction Various closing costs in connection with acquiring the land Architect's fee for the plans for the new building Payments to Maxtor for building construction Equipment purchased Freight charges on equipment Trees, plants, and other landscaping Installation of a sprinkler system for the landscaping Cost to build special platforms and install wiring for the equipment Cost of trial runs to ensure proper installation of the equipment Fire and theft insurance on the factory for the first year of use $1,210,000 81,000 155,000 43,000 51,000 3,260,000 865,000 33,000 46,000 5,100 13,000 7,100 25,000 In addition to the above expenditures, Teradene purchased four forklifts from Caterpillar. In payment, Teradene paid $17,000 cash and signed a noninterest-bearing note requiring the payment of $71,000 in one year. An interest rate of 6% properly reflects the time value of money for this type of loan. Required: Determine the initial valuation of each of the assets Teradene acquired in the above transactions. (Round your answers to the nearest whole dollars.) Answer is complete but not entirely correct. Initial Assets valuation Land $1,676,000 Building $3,432,000 Equipment $ 996,200 Land improvements $ 63,200 X Fork lifts $ 103,229 X Prepaid insurance $ 36,000 X