Fullerton Waste Management purchased land and a warehouse for $720,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: brokers commission, $42,000; title insurance, $9,000; miscellaneous closing costs, $12,000. 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 $533,000 and $287,000, respectively. Determine the amounts Fullerton should capitalize as the cost of the land and the building.

Capitalized cost of land
Capitalized cost of building