Carver incorporated purchased a building and the land on which the building is situated for a total cost of $983,500 cash. The land was appraised at $260,136 and the building at $870,889. 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 building is situated for a total cost of $983,500 cash. The land was appraised at $260,136 and the building at $870,889. 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. 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 $983,500 cash. The land was appraised at $260,136 and the building at $870,889. 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 of the 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 bullding and the land on which the building is situated for a total cost of $983,500 cash. The land was appraised at $260,136 and the building at $870,889. 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. Pecord the purchase in a horizontal statements model. Note: Do not round intermediate caiculations. Round your nasl answers to nearest whole dollar. In the stotement of Cash fiows column, use the initals oA to designate o la for investing activity. FA for financing activity, NC for net change in cosh and MA for not affected. Enter any decreases to account balances and cash outnows with a mil cels require input
