Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $$883,000$ cash. The land was appraised at $$243,708$ and the building at $$771,742.$

Required

What is the accounting term for this type of acquisition?

Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building.

Would the company recognize a gain on the purchase?

Record the purchase in a horizontal statements model.