Fullerton Waste Management purchased land and a warehouse for $660,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: broker's commission, $36,000; title insurance, $6,000; miscellaneous closing costs, $9,000. 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 $456,000 and $304,000, respectively. Determine the amounts Fullerton should capitalize as the cost of the land and the building. Capitalized cost of land Capitalized cost of building 497,700