Bob Co. purchased land and buildings for $1,500,000 in a basket purchase. The fair value of the land and buildings respectively are determined to be $1,200,000 and $600,000. The assets acquired will be recorded on Bob's balance sheet as Land $1,200,000; Buildings $300,000. O Land $1,200,000; Buildings $600,000. O Land $1,000,000; Buildings $500,000. O Land $900,000; Buildings $600,000