Carver Inc. purchased a building and the land on which the building is situated for a total cost of $885,700 cash. The land was ppraised at $224,082 and the building at $794,473. Required . What is the accounting term for this type of acquisition? Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. Would the company recognize a gain on the purchase? 1. Record the purchase in a horizontal statements model. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Record the purchase in a horizontal statements model. (Do not round intermediate calculations. Round your final answers to nearest whole dollar. In the Stat OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and NA for not affected. Enter any decreases t minus sign. Not all cells require input.) CARVER INC. Horizontal Statements Model Balance Sheet Income Statement Assets = Liabilities Cash + Land + Building Stockholder's Equity Statement of Cash Flows Revenue Expenses Net Income