Fullerton Waste Management purchased land and a warehouse for $670,000. In addition to the purchase price,...

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Fullerton Waste Management purchased land and a warehouse for $670,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: broker's commission, $37,000; title insurance, $6,500; miscellaneous closing costs, $9,500. 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 $500,500 and $269,500, respectively. Determine the amounts Fullerton should capitalize as the cost of the land and the building. Capitalized cost of land Capitalized cost of building Fullerton Waste Management purchased land and a warehouse for $670,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: broker's commission, $37,000; title insurance, $6,500; miscellaneous closing costs, $9,500. 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 $500,500 and $269,500, respectively. Determine the amounts Fullerton should capitalize as the cost of the land and the building. Capitalized cost of land Capitalized cost of building