Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $$916,200$ cash. The land was appraised at $$242,335$ and the building at $$811,295.$

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.

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required $C$

Required D