Fullerton Waste Management purchased land and a warehouse for $760,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: brokers commission, $46,000; title insurance, $11,000; miscellaneous closing costs, $14,000. The warehouse was immediately demolished at a cost of $34,000 in anticipation of the building of a new warehouse. Determine the amounts Fullerton should capitalize as the cost of the land and the building.

The two questions are:

Capitalize Cost of land ______?

Capitalize Cost of Building ______?