Exercise 8-5A (Algo) Allocating costs on the basis of relative market values LO 8-1 Carver Incorporated purchased a building and the land on which the building is situated for a total cost of $814,700 cash. The land was appraised at $178,012 and the building at $758,893. Required a. Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building. b. Would the company recognize a gain on the purchase? c. Record the purchase in a horizontal statements model. d. Record the purchase in general journal format. 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. (Do not round intermediate calculations. Round your final answers to nearest whole dollar.)