Fullerton Waste Management purchased land and a warehouse for $730,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: brokers commission, $43,000; title insurance, $9,500; miscellaneous closing costs, $12,500. An independent appraisal estimates the fair values of the land and warehouse at $581,000 and $249,000, respectively.

Determine the amounts Fullerton should capitalize as the cost of the land and the building.

Capitalized cost of land
Capitalized cost of building