Exercise 8-5A (Algo) Allocating costs on the basis of relative market values LO 81 Carver Incorporated purchased a building and the land on which the bullding is situated for a total cost of $988,400 cash. The land was appraised at $227,332 and the bullding at $909,328. 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. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar. Complete this question by entering your answers in the tabs below. Would the company recognize a gain on the purchase? Record the purchase in a horizontal statements model. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar, In the Statement of Cash Flows column, use th IA for investing activity, FA for financing activity, NC for net change in cash and NA for not affected, Enter any decreases to account balances an celis requite inputi