Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $820,100 cash. The land was appraised at $160,330 and the building at $782,785. Required o. 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. 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 $820,100 cash. The land was appraised at $160,330 and the building at $782,785. Required o. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the buiding. 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. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the bulding. (Do not: round intermediate calcuations. Round your final answers to nearest whole dolar.) Carver Incorporated purchased a building and the land on which the buiding is situated for a total cost of $820,100 cash. The fand was appraised at $160,330 and the buitding at $782,785. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the buiking. 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 betow. Record the purchase in a horizontal statements model. (In the Statement of Canh Flows column, use the initais oA to designate operating activity, IA for inveisti Francing activity. Leive blark to indicate that an elenent is not affected by the event. Enter any decreases to account balances and cath outflows fith a mine internediate calculations. flound your final answers to the nearest whole challar.) Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $820,00cash. The land was appraised at $160,330 and the building at $782,785 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. Pecord the purchase in a horizontal statements model. d. Fecord the purchase in general journal format. Complete this question by entering your answers in the tabs below. Record the purchase in general journsl format. (0o not round intermediate calculations, Round your finat angwers to nearest whole dollar, If na entry is required for a transactionfevent, select 'No journal entry rquired' in the first account feid.) Journal entry worksheet
