Falcon Waste Management purchased land and a warehouse for $690,000. In addition to the purchase price, Falcon made the following expenditures related to the acquisition: broker's commission, $39,000; title insurance, $7,500; miscellaneous closing costs, $10,500. 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 $592,500 and $197,500, respectively. Determine the amounts Falcon should capitalize as the cost of the land and the building