Falcon Waste Management purchased land and a warehouse for $790,000. In addition to the purchase price, Falcon made the following expenditures related to the acquisition: brokers commission, $49,000; title insurance, $12,500; miscellaneous closing costs, $15,500. 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 $623,000 and $267,000, respectively. Determine the amounts Falcon should capitalize as the cost of the land and the building.

Capitalized cost of land $

Capitalized cost of building $