Exercise 6-5A (Algo) Allocating costs on the basis of relative market values LO 61 Carver inc, purchased a bullding and the land on which the building is situated for a total cost of $976,600 cash. The land was appraised at $280,772 and the building at $842,318 Required a. What is the accounting term for this type of acqulsition? b. Determine the amount of the purchase cost to allocate to the land and the amount to allocote to the building. c. Would the company recognize a goin on the purchase? d. Record the purchase in a horizontal statements model. What is the accounting term for this type of acquisition? \begin{tabular}{|l|l|} \hline & AllocatedCost \\ \hline Land & \\ \hline Building & \\ \hline Total & \\ \hline \end{tabular} Would the company recognize a gain on the purchase