Carver Inc. purchased a building and the land on which the building is situated for a total cost of $943,800 cash. The land was appraised at $217,074 and the building at $868,296. Required a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. c. Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Round Intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Allocated Cost $ 217,074 Land Building Total $ 217,074 Required A Required c> Carver Inc. purchased a building and the land on which the building is situated for a total cost of $943,800 cash. The land was appraised at $217,074 and the building at $868,296. Required a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building, c. Would the company recognize a gain on the purchase? d. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required a Required B Required Required D Would the company recognize a gain on the purchase? Would the company recognize a gain on the purchase? Carver Inc purchased a building and the land on which the building is situated for a total cost of $943,800 cash. The land was appraised at $217,074 and the building at $868,296 Required a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building c. Would the company recognize again on the purchase? d. Record the purchase in a horizontal statements model Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Record the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), or a financing activity (FA) If an element is not affected by the event, leave the cell Bank, Enter any decreases to account balances and cash outflows with a minus sign. Round intermediate calculations to 2 decimal places and final answers to the nearest whole number. Not all cells will require entry.) Show Balance sheet CARVER INC Horizontal Statement Model Income Statement Net Llaties Equity Revenue Income Statement of Cash Flews Ant Land Cash + Building (Required Red D
