Fullerton Waste Management purchased land and a warehouse for $640,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: brokers commission, $34,000; title insurance, $5,000; miscellaneous closing costs, $8,000. The warehouse was immediately demolished at a cost of $22,000 in anticipation of the building of a new warehouse. Determine the amounts Fullerton should capitalize as the cost of the land and the building.

Capitalized cost of land
Capitalized cost of building