Chapter 7: Joe got a really good deal on the purchase of land with a building he plans to use for his construction business. The fair value (appraised value) of the land was $47,000. The fair value (appraised value) of the building was $98,000. Joe paid $80,000 for the total purchase. Using the Basket Purchase method, compute the amount Joe's accountant will record each for the Land Account and the Building Account. (Round percentages to the tenth of a percent)