ed Rumpke Waste & Recycling purchased land and a warehouse in Columbus, Ohio for $680,000. In addition to the purchase price, Rumpke made the following expenditures related to the acquisition: real estate broker's commission, $38,000; title insurance, $7,000; closing costs, $10,000. Assume that Rumpke decides to use the warehouse rather than demolish it. An independent appraisal estimates the fair values of the land and warehouse at $546,000 and $234,000, respectively. Determine the amounts Rumpke should capitalize as the cost of the land and the building. Capitalized cost of land Capitalized cost of building $ 476,000 X $ 204,000