Exercise 8-5A (Algo) Allocating costs on the basis of relative market values LO 8-1 Carver Inc. purchased a building and the land on which the building is situated for a total cost of $995,900 cash. The land was appraised at $251,963 and the building at $893,322. 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. Required A Required B Required cRequired D What is the accounting term for this type of acquisition? Type of acquisition as per accounting Basket purchase Red Required B > Exercise 8-5A (Algo) Allocating costs on the basis of relative market values LO 8-1 Carver Inc. purchased a building and the land on which the building is situated for a total cost of $995,900 cash. The land was appraised at $251,963 and the building at $893,322 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. Required A Required B Required Required 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) Allocated Cost Land Building Total $