Fullerton Waste Management purchased land and a warehouse for $650,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: broker's commission, $35,000; title insurance, $5,500; miscellaneous closing costs, $8,500. The warehouse was immediately demolished at a cost of $23,000 in anticipation of the building of a new warehouse. Determine the amounts Fullerton should capitalize as the cost of the land and the building.