Fullerton Waste Management purchased land and a warehouse for $620,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: broker's commission, $32,000; title insurance, $4,000; miscellaneous closing costs, $7,000. Assume that Fullerton decides to use the warehouse rather than demolish it. An independent appraisal estimates the fair values of the land and warehouse at $576,000 and $144,000, respectively. Determine the amounts Fullerton should capitalize as the cost of the land and the building. Capitalized cost of land Capitalized cost of building