Falcon Waste Management purchased land and a warehouse for $710,000. In addition to the purchase price, Falcon made the following expenditures related to the acquisition: broker’s commission, $41,000; title insurance, $8,500; miscellaneous closing costs, $11,500. The warehouse was immediately demolished at a cost of $29,000 in anticipation of the building of a new warehouse.

Determine the amounts Falcon should capitalize as the cost of the land and the building.