Carver Incorporated purchased a building and the land on which the bullding is situated for a total cost of $949,700 cash. The land was appralsed at $240,274 and the building at $851,881. Required a. Determine the amount of the purchase cost to allocate 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. 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.) Peicuuired a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the bullding. b. Would the company recogize a gain on the purchase? c. Pecord the purchase in a horizontal statements model. d. Pecord 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? Wosld the company recognize s gain on the purchase? Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the bullding . 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 initiais OA to designate operating activity, IA for investing activi financing activity. 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. De intermediate caleulations, Round your final answers to the nearest whole dollar.) Journal entry worksheet Record purchase of land and building for cash. Note: Enter debits before credits
