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: Purchase price of the land $1,370,000
Demolition and removal of old building 97,000
Clearing and grading the land before construction 235,000
Various closing costs in connection with acquiring the land 59,000
Architect's fee for the plans for the new building 67,000
Payments to Maxtor for building construction 3,420,000
Equipment purchased 945,000
Freight charges on equipment 49,000
Trees, plants, and other landscaping 62,000
Installation of a sprinkler system for the landscaping 6,700
Cost to build special platforms and install wiring for the equipment 29,000
Cost of trial runs to ensure proper installation of the equipment 8,700
Fire and theft insurance on the factory for the first year of use 41,000

In addition to the above expenditures, Teradene purchased four forklifts from Caterpillar. In payment, Teradene paid $33,000 cash and signed a noninterest-bearing note requiring the payment of $87,000 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.

Assets Initial Valuation
Land
Building
Equipment
Land Improvements
Forklifts
Prepaid Insurance