Exercise 6-5A (Algo) Allocating costs on the basis of relative market values LO 6-1 Carver Inc. purchased a building and the land on which the building is situated for a total cost of $814,300 cash. The land was appraised at $168,560 and the building at $767,885. 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. Complete this question by entering your answers in the tabs below. What is the accounting term for this type of acquisition? 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 building. (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) Complete this question by entering your answers in the tabs below. Would the company recognize a gain on the purchase? Complete this question by entering your answers in the tabs below. Record the purchase in a horizontal statements model. (In the Cash Flow column, indicate whether the item is an operating activity (OA), an investing activity (IA), minus sign. Round intermediate element is not affected by the event, leave the cell blank. Enter any decreases to account balances and cash outflows with a minus sign. Round intermediate calculations to 2 decimal places and final answers to the nearest whole number. Not all cells will require entry.)