Omar Corporation paid $200,000 for a tract of land that had an old gas station on it. The gas station was demolished at a cost of $20,000 and a new warehouse was constructed on the site at a cost of $550,000. In addition, several other costs were incurred: legal fees of $35,000, Architect fees of 42,000, and Interest on the construction loan of 18,000. What value should be assigned to the tract of land? What value should be assigned to the warehouse? Why