Brief Exercise 10-2 (Algo) Acquisition cost; land and building [LO10-1] Falcon Waste Management purchased land and a warehouse for $760,000. In addition to the purchase price, Falcon made the following expenditures related to the acquisition: broker's commission, $46,000; title insurance, $11,000; miscellaneous closing costs. $14,000. The warehouse was immediately demolished at a cost of $34,000 in anticipation of the building of a new warehouse. Determine the amounts Falcon should capitalize as the cost of the land and the building