Falcon Waste Management purchased land and a warehouse for $700,000. In addition to the purchase price, Falcon made the following expenditures related to the acquisition: brokers commission, $40,000; title insurance, $8,000; miscellaneous closing costs, $11,000. 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 $640,000 and $160,000, respectively. Determine the amounts Falcon should capitalize as the cost of the land and the building