Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $951,200 cash. The land was appraised at $175,021 and the building at $918,859. 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 horizontal statements model. 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 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 Required A Required B > ences 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? Required A Required B Required Required D Record the purchase in a horizontal statements model. (In the Statement of Cash Flows column, use the initials OA to designate operating activi financing activity. Leave blank to indicate that an element is not affected by the event. Enter any decreases to account balances and cash outflo intermediate calculations. Round your final answers to the nearest whole dollar.) CARVER INCORPORATED Horizontal Statements Model Balance Sheet Income Statement Liabilities Stockholders' Equity Revenue Expenses Net Income Statement of Cash Flows Assets Cash Land + Building Journal entry worksheet < A Record purchase of land and building for cash. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal