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Brief Exercise 10-2 (Algo) Acquisition cost; land and building [LO10-1] Falcon Waste Management purchased land...

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Brief Exercise 10-2 (Algo) Acquisition cost; land and building [LO10-1] Falcon Waste Management purchased land and a warehouse for $790,000. In addition to the purchase price, Falcon made the following expenditures related to the acquisition: broker's commission, $49,000; title insurance, $12,500; miscellaneous closing costs, $15,500. The warehouse was immediately demolished at a cost of $37,000 in anticipation of the building of a new warehouse. Determine the amounts Falcon should capitalize as the cost of the land and the building

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