Intermediate Accounting: E10-10 Teradene Corporation purchased land as a factory

Intermediate Accounting 

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 machinery to equip the factory: 
Purchase price of the land 1,200,000 
Demolition and removal of old building 80,000 
Clearing and grading the land before construction 150,000 
Various closing costs in connection with acquiring the land 42,000 
Architect's fee for the plans for the new building 50,000 
Payments to Maxtor for building construction 3,250,000 
Machinery purchased 860,000 
Freight charges on machinery 32,000 
Trees, plants, and other landscaping 45,000 
Installation of a sprinkler system for the landscaping 5,000 
Cost to build special platforms and install wiring for the machinery 12,000 
Cost of trial runs to ensure proper installation of the machinery 7,000 
Fire and theft insurance on the factory for the first year of use 24,000 

In addition to the above expenditures, Teradene purchased four forklifts from Caterpillar. In payment, Teradene paid $16,000 cash and signed a noninterest-bearing note requiring the payment of $70,000 in one year. An interest rate of 7% properly reflects the time value of money for this type of loan. 

Determine the initial valuation of each of the assets Teradene acquired in the above transactions.
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