Falcon Waste Management purchased land and a warehouse for $$770,000.$ In addition to the purchase price, Falcon made the following expenditures related to the acquisition: broker$$s commission, $$47,000$; title insurance, $$11,500$; miscellaneous closing costs, $$14,500.$ Assume that Falcon decides to use the warehouse rather than demolish it$.$ An independent appraisal estimates the fair values of the land and warehouse at $$522,000$ and $$348,000,$ respectively.

Determine the amounts Falcon should capitalize as the cost of the land and the building.