a. Determine the amount of the purchase cost to aliacate to the land and the amount to allocate to the buliding. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format. Complete this question by entering your answers in the tabs below. Record the purchase in a horizontal statements model. (In the Statement of Cash Flows column, use the initisk OA to designate operoting actwity, IA for investing acturity, and FA far financh act vily, Leave blank to indicate that an element is not affected by the event. Enter any decreases to account balances and cash outflows with a minus sign. Do not round intermediate calcilations. Round your finsl answers to the nearest whole doitar) a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format. Complete this question by entering your answers in the tabs below. Record the purchase in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record purchase of tand and building for cash. Noke: Enter debits before credits. Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The lano was appraised at $320,000 and the building at $480,000. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format. Complete this question by entering your answers in the tabs below. Would the company recognize a gain on the purchase? Would the company recognize a gain on the purchase? Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The land was appraised at $320,000 and the building at $480,000. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format. Complete this question by entering your answers in the tabs below. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the buliding