Fullerton Waste Management purchased land and storage for $680,000.

In addition to the purchase price, Fullerton incurred the following acquisition-related expenses: 

broker's commission, $38,000; 

title insurance, $7,000; 

miscellaneous closing costs, $10,000. 

The warehouse was immediately demolished at a cost of $26,000 in anticipation of the construction of a new warehouse.

Determine the amount Fullerton must capitalize as the cost of the land and the building