Mooney Sounds, a local stereo retailer, needed a new store because it had outgrown the leased space it had used for several years. Mooney acquired and remodeled a former grocery store. As a part of the acquisition, Mooney incurred the following costs:
Cost of grocery store …………………………………………..$350,000
Cost of land (on which the grocery store is located) ………….. 65,000
New roof for building …………………………………………. 74,000
Lumber used for remodeling …………………………………... 23,200
Paint…………………………………………..………………… 515
Wire and electrical supplies ……………………………………. 4,290
New doors ……………………………………………………… 6,400
New windows …………………………………………………. 3,850
Wages paid to workers for remodeling ………………………… 12,500
Additional inventory purchased for grand opening sale ……….. 45,300

Required:
Determine the cost of the land and the building.