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: brokers commission, $35,000; title insurance, $5,500; miscellaneous closing costs, $8,500. An independent appraisal estimates the fair values of the land and warehouse at $637,500 and $112,500, respectively. Determine the amounts Fullerton should capitalize as the cost of the land and the building.