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 $800,000 cash. The land wos appraised at $300,000 and the building at $700,000 a What is the accounting term for this type of acquisition? O Building purchase O Buk purchase O Bundle purchase O Equipment purchase b. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. Land Building Total s