Determining Amount of PP&E to Capitalize

Williams Corporation purchased an old building and the land on which it is located for $450,000. The old building will be demolished at a net cost of $13,500. A new building will be built on the site. Williams also incurred the following costs: closing fees including commissions of $27,000, and title insurance costing $2,250. Williams assumed property taxes for the 6 months prior to the purchase totaling $9,000.

Determine the amount Williams should capitalize for land and building related to the purchase.

Total amount to capitalize for land	???
Total amount to capitalize for building	???