Carver Inc. purchased a building and the land on which the building is situated for a total cost of $903,900 cash. The land was appraised at $228,687 and the building at $810,798. 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 statements model like the following one. d. Record the purchase in general Journal format 54 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. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar) Allocated Cost Land Building Total s 0 Required Required B _browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com Cumulative) Chaps 8-12 Saved Carver Inc. purchased a building and the land on which the building is situated for a total cost of $903.900 cash. The land was appraised at $228,687 and the building at $810,798. Required o. 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 statements model like the following one. d. Record the purchase in general Journal format. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Would the company recognize a gain on the purchase? Would the company recognize a gain on the purchase? browser-Odaunchurahttp%253A%252F%252Fnewconnect.mheducation.com%2522 Exam (Cumulative) Chaps 8-12 Seved H Carver Inc purchased a building and the land on which the building is situated for a total cost of $903,900 cash. The land was appraised at $228,687 and the building at $810798. Required o. 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 statements model like the following one. d. Record the purchase in general journal format, 12:12 Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Record the purchase in a statements model like the following one. (Do not round Intermediate calculations. Round your final answers to nearest whole dollar initials 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 dech minus sign.) CARVER INC Statements Model Balance Sheet Assets Liabilities + Equity Income Statement Expenses Revenue Net Income Statement of Cash Flows Cash + Land + Building (Required B Required D > View transaction list Journal entry worksheet 21046 Record purchase of land and building for cash. Q Note: Enter debits before credits General Journal Event 1 Debit Credit Record entry Clear entry Vlew general Journal
