At the beginning of 2020, a company paid $400,000 to purchase land and a building. The location was chosen to be the site of a new building. Title fees and other closing costs paid were $30,000. Immediately after the property was acquired, the existing building was demolished at a cost of $60,000. An additional $40,000 was paid to clear the land in preparation for construction of the new building. Construction on the new building began soon after the existing building was demolished. The company paid $20,000 for architect's fees and building permits. The construction cost of the new building was $1,000,000. In addition, 2020 property taxes of $22,000 were paid. What is the total acquisition cost of Land? What is the total acquisition cost of the Building