Fullerton Waste Management purchased land and a warehouse for $770,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: broker's commission, $47,000, title Insurance, $11,500, miscellaneous closing costs. $14,500. 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 $522,000 and $348,000, respectively Determine the amounts Fullerton should capitalize as the cost of the land and the building Capitalized cost of land Capitalized cost of building