Exercise 6-5 Allocating costs on the basis of relative market values LO 6-2 Carolina Company purchased a building and the land on which the building is situated for a total cost of $976,200 cash. The land was appraised at S235,752 and the building at $886,878. Required a. What is the accounting term for this type of acquisition? o Basket purchase O Building purchase O Bulk purchase O Bundle purchase O Equipment purchase O Lot acquisition b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Allocated Cost Land Building S Total