Carver incorporated purchased a building and the land on which the building is situated for a total cost of $882,900 cash. The land was appraised at $152,300 and the buliding at $863,035. 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 bullding. 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. What is the accounting term for this type of acquisition? Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $882,900 cash, The land was appraised at $152,300 and the building at $863,035. 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. Determine the amount do he purchase cost to allocate to the land and the amount to allocate to the building. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $882,900 cash: The land was appraised at $152,300 and the building at $863,035. 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. Would the company recognize a gain on the purchase? Carver incorporated purchased a building and the land on which the buliding is situated for a total cost of $882,900 cash. The land was appraised ot $152,300 and the building at $863,035. Required: a. What is the accounting term for this type of acquisition? b. Determine the amount of the purchase cost to allocate 10 the land and the amount to allocate to the building. c. Would the company recognire 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. Record the purchase in a horizontal statements model. cells require input
