The following costs were incurred by Imports Auto Parts in connection with the construction of a retail store building:

Cost of land, including $9,500 of legal costs..................$200,000
Cost to demolish old building...............................................9,375
Costs of grading land for building site..................................5,600
Costs related to building construction..............................475,000
Legal costs relating to building permits...............................8,500
Costs of paving parking lot................................................50,000

1. What is the capitalized cost of the land?
2. What is the capitalized cost of the new building?