Fullerton Waste Management purchased land and a warehouse for $740,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: broker's commission, $44,000 title insurance, $10,000; miscellaneous closing costs, $13,000. The warehouse was immediately demolished at a cost of $32,000 in anticipation of the building of a new warehouse Determine the amounts Fullerton should capitalize as the cost of the land and the building. Capitalized cost of land Capitalized cost of building