Fullerton Waste Management purchased land and a warehouse for $800,000. In addition to the purchase price, Fullerton made the following expenditures related to the acquisition: broker's commission, $50,000; title insurance, $13,000; miscellaneous closing costs, $16,000. The warehouse was immediately demolished at a cost of $38,000 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 =
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