Fullerton Waste Management purchased land and a warehouse for $700,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: broker's commission, $40.000: title insurance. $8,000: miscellaneous closing costs. $11,000. The warehouse was immediately demolished at a cost of $28,000 in anticipation of the building of a new warehouse. Determine the amounts Fullerton should capitalize as the cost of the land and the building