Falcon Waste Management purchased land and a warehouse for $$650,000.$ In addition to the purchase price, Falcon made the

following expenditures related to the acquisition: broker's commission, $$35,000$; title insurance, $$5,500$; miscellaneous closing costs,

$$8,500.$ 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 $$637,500$ and $$112,500,$ respectively.

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

Answer is not complete.